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LAGOS AGO TFD @177/2



NB: ONLY FOR AGENTS/FACILITATORS WHO CAN BRING THEIR BUYER ONLINE WITH SELLER AFTER SIGNING AND RETURNING OF THE SPA



AGO LAGOS TANK FARM SALES;

- Seller gives an upfront 2% Performance Bond on buyer's bank pre-advise.



- Quantity: Allocation with NNPC.



- Price: N177 less 2.



- Performance: 100% Guaranteed.



PROCEDURES ON LAGOS TANK FARM DELIVERY

1. BUYER AND SELLER SIGN AND SEAL THE SALES AND PURCHASE AGREEMENT (SPA) INCLUDING FULL BANKING COORDINATES.



2. BUYER RETURNS SIGNED SPA WITH TANK FARM DOCUMENTS, NOR FORMAT



3. BUYERS BANK PRE-ADVICE THAT HE IS READY TO ISSUE BG.



4. SELLER BANKS GIVES 2% PERFORMANCE BOND IN RESPONSE



5. BUYER BANK SEND BG OF (N200,000,000 NAIRA MILLION) BANK GUARANTEE *(OR BG FOR TOTAL CARGO OF 20KMT)* IN FAVOUR OF THE SELLER. SELLER CONFIRMS THROUGHPUT DOCUMENTS AND INSTRUCTS CAPTAIN TO RELEASE MARINE NOR/ETA TO BUYERS TANK FARM.



6. BUYER CONFIRMS AND ACKNOWLEDGES THE NOR AND BUYER MOVES CARGO TO SELLER'S TANK FARM.



7. UPON ARRIVAL AT BUYER’S JETTY, BUYER CONDUCTS Q AND Q ANALYSIS AND UPON POSITIVE Q AND Q REPORT ON THE PRODUCT, BUYER RELEASES N200 MILLION, AS LOGISTICS EXPENSES, INTO SELLER’S NOMINATED ACCOUNT, AND BUYER PAY COVERING ENTIRE CARGO FOR DISCHARGE TO COMMENCE.



8. TRANSHIPMENT INTO BUYER’S TANK FARM STORAGE TAKES PLACE AND BUYER PAYS FOR THE VALUE OF THE ENTIRE PRODUCT MINUS N200 MILLION. BUYER ALSO PAYS THE COMMISSION TO ALL AGENTS, AS REFLECTED IN SALES AND PURCHASE AGREEMENT (SPA), WHICH HE SIGNED WITH THE SELLER.

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