1.
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PRODUCT
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D2 AGO
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2.
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ORIGIN
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ANGOLA
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3.
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SPECIFICATION
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Based on Standard
Specification
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4.
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QUANTITY/MINIMUM
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100.000 +/- 5% Metric Tons per Month.
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5.
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CONTRACT DURATION
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Twelve
(12) months with rolls or extension as agreed by both parties
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6.
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INSPECTION
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By
SGS or equivalent Survey company.
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7.
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CONFIRMATION
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The
order is confirmed after the Seller receives a LETTER OF ACCEPTANCE
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8.
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SELLERS DOCUMENTATION
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Seller’s Commercial Invoice
SPA Annual Contract
3/3 Copies of the Original Bill of Lading
Copy of Certificate of Origin issued by SONANGOL
SGS report.
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9.
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PRICE (FIXED)
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Platts minus 35 $USD per Metric Ton by CIF to ASWP. Seller pays
the intermediaries and Agents all commission of $ 5.00 MT (as set out in the Irrevocable master Fees Protection
Document annexed to the main contract). 2.5$ Seller’s side closed and 2.5$
Buyer’s side open
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11.
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TERMS OF
PAYMENT
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a.
Monthly Payment by irrevocable DLC against unloading
documents and SGS/CIQ.
b.
Guaranteed by an Unconditional Assignable, Irrevocable, Divisible, Negotiable,
Transferable, and Stand By Letter of
credit (SBLC) from one of the S & P Prime 50 World Banks for the amount equal to ONE (1) month’s purchase order value.
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12.
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LAY CAN
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For
the first delivery shall be in Four (4) weeks at the unloading port nominated
by the Buyer on authentication of workable BG or L/C issues to Seller’s Bank.
Tax of anchorage, all cost of discharging Port in waters paid by Buyer.
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PROCEDURES
1. Buyer and
seller signed SPA between parts and lodged in their bank
2. Seller send
commercial Invoice for the first delivery in One (1) original and Three (3)
copies to Buyer
3. Buyer's bank issues BCL (Bank Comfort Letter).
Buyer's independent inspectors conduct
delivery to receiving tank.
4. After delivery to receiving tank, payment
is effective or the guaranty is totally released to seller bank after Q&Q.
Seller and facilitators Accounts within 36hrs upon presentation of relevant document at buyer's bank.
5. All banking charges from the Buyer’s bank
shall be borne by the Buyer including
confirmation
commission etc and all banking charges incurred by the Seller at Seller’s bank
shall be borne by the Seller.
6. All SGS
inspection charges at discharging Port shall be borne by the Buyer.
7. The following
documents shall be presented as authentic proof of product by the Seller
• Clean Ocean Bill of Lading, One (1)
Original and three (3) copies
• Seller’s Commercial Invoice, One (1)
Original and three (3) copies
• SGS/Say bolt report
• Master’s receipt for Samples
• Master’s receipt for Documents
• Cargo Manifest
8. Delivery
commences as per schedule agreed.
9. The text
format and wordings of the irrevocable DLC will be mutually agreed by both
parties’ banks. The exact verbiage must be sent to the Seller in good time to
allow the acceptance of said instruments. Failure to supply such Verbiage may
extend the times stipulated above.
The
Verbiage of the irrevocable DLC will be submitted for approval prior to issuing the
Actual Irrevocable DLC in case any changes are needed. The Final DLC will be
posted on European Clear.