Newstream Tradings
| About us | I. buyer issues loi Ii. seller issues full styled contract with seller full banking coordinates. Iii. seller/buyer sign, seal this contract and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. A.: Within five(5) banking days, buyer bank sends to seller bank, through swift code, Ipco with banking coordinates. B: Buyer bank submits a ready willing and able(rwa) via swift code to seller bank with(5) banking days C: Within three(3) banking days, seller bank posts an irrevocable and transferable non-operative 2 % operative pb(as per annex b) and sends a copy of nnpc pop(abuja) via e-mail or fax. The pb must be revolving for the life of this contract. D: Buyer bank emits an irrevocable transferable and revolving documentary letter of credit(dlc) to cover the cost of one shipment of two(2) million barrels of bony light crude oil. The dlc activates the 2% pb which becomes automatically operational. Iv. seller within six(6) banking days or less will register contract on shell screen lloyds london in name of the buyer. V. seller nominates the vessel and gives to the buyer: Ship name, call letters, captain name and a copy of the aspatankvoy charter party. Vi. seller delivers crude oil. Vii. buyer pays for the crude oil& all commissions as recorded in the mfpa section of this contract. Viii. the signature of this contract for the buyer, who appears in the same one, means to accept all his content as for quantity, discount and procedures. Ix. this contract consists of 26 pages all of them signed both for seller and for buyer, in order to give faith of all his content and to agree in the exposed in the same one. X. the buyer gives faith of which the above mentioned contract has been slightly modified and altered by his person and seller has agreed to the changes made to fit buyer requirements. Xi. this contract does not have any more validity than 10 banking days to proceed to give the rwa letter by swift from the buyer as proof of funds after his signature, passed which the seller will be able to cancel it automatically. |
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| Industry Focus | Crude Oil |
| Business Type | Trading Company |
| Products/Services | Crude oil |
| Our Markets | North America |
| No. of Employees | Less than 5 People |
| Annual Sales Range(USD) | Below US$1 Million |