NOMINATIONS, SHIPMENT & PROCEDURES
8.1 Seller and Buyer sign SPA including NCND/IMFPA with full paying banking details and lodge this with their respective banks.
8.2 Seller issues full loading documents for buyer’s verification, and OR POP. Upon Vessel tracking, Vessel verification, and Cargo Confirmation:
8.3 Buyer provides SBLC/MT 760/MT 103/23 by SWIFT VIA non-operational to be activated by seller's 2% pb.
8.4 Buyer verifies documents and provides inspector and super cargo details for ATB.
8.5 Seller releases ATB to buyer and buyer conducts his confirmation on the loaded vessel and sends his inspectors and super cargo onboard for physical verification of product and confirmation of cargo.
8.6 Upon successful boarding of vessel, buyer raises MT103, irrevocably payable on successful Q&Q, charter takeover and transfer of title.
8.7 Charter is placed by buyer with seller’s authorization, title is transferred and MT103 is sent as payment to seller and seller’s agents/facilitators and take over the vessel within 24hours.
8.8 Seller provides buyer with all other relevant Shipping documents and all certified required certificates.
Transaction close and vessel sails to port of discharge.