We Are Buying Bonny Light Crude Oil (BLCO)

The Procedures Listed Below Are Non-Negotiable:
SPECIFICATIONS
1) Product: Nigerian Bonny Light Crude Oil of Standard Export Grade
2) Quantity: Two (2) Million Barrels to Four (4) Million Barrels
3) Destination: ASWP – Any Safe World Port
4) Inspection: SGS or Equivalent
5) Delivery: CIF/TTO/TTT
6) Contract Period For TTO/TTT: One (1) Time Spot Transaction
7) Payment For TTO/TTT: Non-Transferable Documentary Letter of Credit (DLC)
8) Performance Bond For TTO: Operative Cash Bond in the amount of USD$100,000 to the Buyer’s Bank from a Top 25 world bank; or same as for CIF
9) Performance Bond For TTT: Operative Cash Bond in the amount of USD$200,000 to the Buyer’s Bank from a Top 25 world bank; or same as for CIF
10) Contract Period For CIF: 12 Months with Possible Rolls & Extensions
11) Payment For CIF: Non-Transferable Revolving Documentary Letter of Credit (RDLC)
12) Performance Bond For CIF: Non-Operative 2% Performance Bond (PB) to the Buyer’s Bank in the form of a Stand By Letter Of Credit (SBLC) from a Top 25 world bank

CIF PROCEDURES:
A) Seller shall issue Sales & Purchase Agreement with Seller's Full Contact Information and Banking Co-ordinates.
B) Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.
C) Within three (3) banking days of B above, the Seller’s Bank sends by Swift a Non-Operative 2% Performance Bond (PB) to the Buyer’s Bank in the form of a Stand By Letter OF Credit (SBLC) from a Top 25 world bank.
D) Within seven (7) banking days of c above, Buyer’s Bank shall issue a Non-Transferable Revolving Documentary Letter of Credit (RDLC) value for one-month cargo shipment to the Seller that activates the Sellers Performance Bond (PB).
E) Within five (5) banking days of d above, Seller shall provide The Charter Party Agreement (CPA) for the designated vessel marked "Freight Prepaid" to Buyers destination. Failure of Seller to do so shall be a default event and Buyer shall collect the PB.
F) Within two (2) banking days of e above, the Seller will give the Buyer verifiable Vessel name, call letters, and Captain’s name of the Vessel that is to load for CIF delivery and Buyer signs a copy of the Charter Party Agreement with the Shipping Agency.
G) After the vessel has discharged its cargo at Buyers destination port and Buyer has received the Post Discharge Q & Q Report from SGS and after all documents are presented by the Seller after the time of cargo delivery as required by the DLC, Buyer shall make payment by to Seller’s Bank Account.
H) Payments are made by swift wire transfer directly to the Seller’s bank account as stipulated in the SPA contract within three (3) international banking days after product delivery to Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s Bank.

TTO PROCEDURES:
A) Seller shall issue Sales & Purchase Agreement with Seller's Full Contact Information and Banking Co-ordinates.
B) Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.
C) Within three (3) banking days of B above, the Seller’s Bank sends by Swift a Operative Cash Bond in the amount of $100,000 to the Buyer’s Bank from a Top 25 world bank. Alternatively, Seller may issue Non-Operative 2% Performance Bond (PB) to the Buyer’s Bank in the form of a Stand By Letter Of Credit (SBLC) from a Top 25 world bank.
D) Within five (5) banking days of c above, Buyer’s Bank shall issue a Non-Transferable Documentary Letter of Credit (DLC)

TTT PROCEDURES:
A) Seller shall issue Sales & Purchase Agreement with Seller's Full Contact Information and Banking Co-ordinates.
B) Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.
C) Within three (3) banking days of B above, the Seller’s Bank sends by Swift a Operative Cash Bond in the amount of $200,000 to the Buyer’s Bank from a Top 25 world bank. Alternatively, Seller may issue Non-Operative 2% Performance Bond (PB) to the Buyer’s Bank in the form of a Stand By Letter Of Credit (SBLC) from a Top 25 world bank.
D) Within five (5) banking days of c above, Buyer’s Bank shall issue a Non-Transferable Documentary Letter of Credit (DLC)