1.Buyer shall issue a Manager's cheque of N5m for logistics before issuance of Atb through his account officer to seller's account officer; accompanied by a letter from the buyer's bank duly signed by the bank.
2.The manager's cheque crystallize to cash upon confirmation of product by supercargo.
3. Note* If buyer's supercargo and inspector fail to board seller's vessel after 72 hours of marine Atb issuance and Nnpc clearance/ buyer fails to place Mt 103 for the total cargo after 48 hours of positive Q and Q, the manager's cheque shall crystallize to the seller's fiduciary account to offset the cost incurred.
4. Upon successful Q&Q, buyer places payment instrument for total cargo and after confirmation of Mt103, the buyer's. Mt103 shall crystallize into cash and all nominated accounts are credited simultaneously via swift transfer.
5. Title/ full set of shipping documents are transferred to buyer's name.
Documents to be forwarded with the signed Spa are:-
*copy of N5m manager's cheque
*copy of the intent letter in the buyer's bank letter head duly signed by the bank officers (in 1 above)
* ATB format
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