TRANSACTION PROCEDURE FOR AGO TANKFARM WITHIN NIGERIA WITH IRREVOCABLE BANK PAYMENT UNDERTAKING(IBPU) FOR TOTAL CARGO.

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1.    Buyer counter-signs SPA and return with their (a) NOMINATED Tank farm details. (b). NOR format (c). Storage Manager and Q&Q Inspector ID with their phone numbers.

2.    Buyer’s Nigerian Bank sends by hand or Buyer’s Foreign Bank SWIFT their Irrevocable Bank Payment Undertaken (IBPU) Letter to Seller’s Bank STRICTLY according the verbiage specified on the last page of this contract.  

3.    Seller confirms Buyer’s IBPU Letter, loads their daughter vessel within THREE (3) banking days after confirmation and instructs the Captain of the cargo laden vessel to send ‘marine NOR’ to Buyer’s Tank farm copying Buyer’s Bank.

4.    Buyer confirm the ‘marine NOR’, hires their tank farm and sends the Tank farm Lease Agreement/Invoice to Seller.

5.    Buyer’s Tank farm Manager respond to the ‘marine NOR’ by sending a certified invitation Letter for the cargo laden vessel from the Tank farm Jetty Authorities for easy clearance on arrival.

6.    Seller moves cargo to Buyer’s discharge port and anchors the vessel for Q&Q test. Buyer clears cargo on arrival and Buyer’s Inspector conducts Q&Q and submits the report to both parties via email within 6 hours.

7.    Buyer’s receives soft copy of Seller’s Commercial Invoice for immediate payment and Buyer’s Bank SWIFT payment for the full cargo into Seller’s Account.

8.    The product is discharged into Buyer’s storage and all commissioned Agents/Facilitators are paid according to signed IMFPA.

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