Description
1.1 Buyer and Seller initial, sign, seal and execute contract (1
million barrels liftable on Spot Purchase
rolling into 5 million barrels per month x *0 months on Contract
Purchase) and lodge with their
respective banks.
1.2 SPOT PURCHASE: Buyer's bank issues a bank to bank POF via Swift
either MT**3 or MT**3/*2
or RWA for payment assurance to the Sellers Guarantor Bank for 1
million barrels of JP*4 for a spot
purchase transaction. In exchange, Seller's Guarantor bank officer
will issue to Buyer's bank officer the
following POP programmed to the Buyer’s name as: Tank receipts,
current SGS report on Quality and
Quantity and the Authorization to perform a dip test for 1
million/bbls of JP*4 via Swift MT**9 or as
instructed by the Buyer's bank officer and the Seller will email
the agreed price Commercial Invoice to
the Buyer at the e-mail address provided by the buyer.
1.3 A confirmation copy of the POF Swift transmission must be
immediately e-mailed by the Buyer’s
bank to the Seller for documentation
1.4 Buyer verifies product and upon authentication transfers
payment for Commercial Invoice amount to
Seller’s bank account as instructed in the Commercial Invoice. All
payments are due within *4 hours of
DTA verification. Upon full payment, Title passes to the Buyer.
1.5 Buyer transfers JP*4 to the Buyer's designated tank storage or
vessels.
1.6 CONTRACT PURCHASE: Within *2 hours of completing the Spot
Purchase (set forth in paragraph
1.2, supra), Buyer's bank shall issue a one month's lift value via
Swift MT**9 or bank screen pin
number for blocked funds on custodial hold to the Seller in the
amount of one month in United States
Dollars for 5 million barrels of JP*4 as payment assurance on
deposit for a **-month contract term. Or,
the Buyer may post a one month's lift value deposit by callable
Swift MT**3 or MT**3 or by
Swift MT**0 cash backed BG or SBLC for the contract term
