TTO  SALES AND PURCHASING AGREEMENT

YESS INTEGRATED TRADE LIMITED  RC 774619

DPR/OGISP/15/774619/N9229

NIGERIAN EXPORT PERMIT: NE/0842/PL/2015/EXC:09599

PRODUCT:NIGERIA BONNY LIGHT CRUDE OIL

QUALITY: AS STIPULATED ON CONTRACT

ONE YEAR TERM CONTRACT

MONTHLY SHIPMENT 1-12,000,000 BARRELS PER MONTH

CONTRACTUAL  PERIOD: 12 MONTHS WITH POSSIBLE ROLLOVER AND EXTENSIONS

 

AFRICA HOME SERVICES E-TRADE OIL & GAS ADVERT MARKET CONTACT ? FAQ OUR INVESTORS JOBS

SPA CONTRACT AGREEMENT FOR THE PURCHASE OF LIGHT CRUDE OIL OF NIGERIAN ORIGIN ON A TTO

 

CONTRACT CODE

YESSIT/0604/06/2010/022/TTO/TTT

SELLER’S CODE

YESSIT/NBLCO/0604/2010/022/TTO/TTT

BUYER’S CODE

                                                 

 

PRODUCT

Bonny Light Crude Oil – BLCO

QUALITY

Export standard NNPC

QUANTITY

2,000,000 to 6,000,000 barrels Per Month

CONTRACT DURATION

ONE YEAR CONTRACT

PORT OF DISCHARGE

 

TYPE OF DELIVERY

TTO

TTO PRICE

Three days average of BLCO, as stated in the Platt’s Oil gram Market Report

DISCOUNT

NET US$6.00 per barrel

 

THIS AGREEMENT is entered into this  DATE \@ "dd MM yyyy" 22 December 2015.  This Contract Agreement including Annexes under the Transaction Codes as confirmed in this contract is made and entered into this between :

 

THE SELLER:

 

COMPANY NAME

YESS INTEGRATED TRADE LTD

ADDRESS

LANE 3 UTAN ROCK HEAVEN JOS, OR COPER HOUSE WUSE ZONE 5  FEDERAL REPUBLIC OF NIGERIA    

COMPANY No.

RC 774619

REPRESENTED BY

PHONE NO

E-MAIL

IBIYO IBIYEMI BABAFEMI (CEO)

+2348038437597

yessit@live.com  or  yesssclub@gmail.com or admin@yessit.org  

 

                

Hereinafter referred to as the “SELLER”                   

 

AND

 

THE BUYER:

 

COMPANY NAME

                                         

ADDRESS

                                        

REPRESENTED BY

                                        

E-MAIL

PHONE NO

E-MAIL

 

                                        

 

Hereinafter referred to as the “BUYER

 

 

 

 

RECITALS

 

WHEREAS: the seller makes an irrevocable and firm commitment to source and supply, and the buyer also makes an irrevocable and firm commitment to purchase and take delivery of the said product.

 

WHEREAS: the buyer and the supplier are desirous to purchase and supply respectively the said product under the terms and conditions contained herein in the agreement. Therefore, for and in consideration of the promises, mutual covenants and agreement herein contained; supplier and

buyer contract as follows:

 

ARTICLE 1: PRODUCT:

 

The product offered by the Seller and accepted by the Buyer is Bonny Light Crude Oil from the approved term contract with possible rollovers and extensions.

 

ARTICLE 2: QUANTITY:

 

The total quantity of crude oil sold / purchased under this contract is 2 million barrel per month

 

ARTICLE 3: DELIVERY TERMS

 

The delivery basis for the cargo sold under this contract shall be TTO/TTT. The terms of the delivery for this agreement shall be 2 MILLION BARRELS MONTHLY basis. Any terms not covered by this agreement shall be covered by INCOTERMS 2000 for TRANSSHIPMENT Sale.

 

ARTICLE 4: QUALITY

 

Conforming to Nigerian National Petroleum Corporation (NNPC) normal export standard grade, whose characteristics shall be as listed below, and as confirmed in the independent Q&Q reports issued.

 

Ø  Specific Gravity at 60є F/15.55є C:             0.8397 - 0.8498

Ø  API Specific Gravity at 60є F/15.55є C:     37.0

Ø  Density at 60є F/15.55є C - Cg - C M - MAC            0.85 max

Ø  Pour Point           <40 єF / 4.44 єC

Ø  Sulphur Content, % Wt.                0.14 max

Ø  Colour   Dark Brown

Ø  Salinity  TB at 0.10% BS&W 47 max

Ø  Acid Number     0.39 max

Ø  Reid Vapour Pressure    6.52 psig max

Ø  Water Content, Pct. (%)                0.50 max

Ø  Sediment Content, Pct. (%)         0.50 max

Ø  Iron Wt. Ppm     1.00 max

Ø  Nickel Wt. Ppm 4.00 max

Ø  Vanadium Wt. Ppm         2.00 max

 

 

ARTICLE 5: DELIVERY/DESTINATION:

 

The terms of the delivery for this agreement shall be TTO/TTT basis. Any terms not covered by this agreement shall be covered by INCOTERMS 2000 for sales.

 

 

ARTICLE 6: TIME PERIOD

 

The duration of this contract is for one year, and thereafter should it be decided, the terms and conditions shall be mutually agreed upon.

 

ARTICLE 7: DEMURRAGE

 

All demurrage charges are for the Seller's account if caused by the seller and vice versa. 

 

ARTICLE 8: PRICE

 

The price to be paid shall be based on the loaded quantity of crude oil for each shipment based on standard barrels and under Dated Brent, as in the Platt’s oil gram report. The applicable currency in respect of payment for the cargo shall be the United States Dollars (USD). The price shall be calculated on the three (3) days average mean quotation, one day before the day of loading, the day of loading, and the day after loading. The discount to the Buyer shall be  Net $6.00 USD Dollars $10.00 USD Gross

 

 ARTICLE 9: TERMS OF PAYMENT

 

a)      The payment will be in US Dollars to be made by MT 103/ MT 760 or, the buyer opens banking instrument irrevocable, confirmable, operative letter of credit (LC) MT760 from a top rated World Bank in favour of the SELLER in the amount in US Dollars corresponding to the total value of each shipment. The L/C MT 760 or MT 103 to be issued will be on revolving basis valid for the duration of one (1 yrs) contract. The payment from first cargo is by LC cashable or LC at sight or by MT 103 after loading of goods and presentation of documents at buyer bank.

 

b)      Quantity, as assessed at the loading port by the independent inspector of surveyor company, and price as determined as per clause 8 of this contract will be used in compute the seller’s invoice.

 

c)       In case the amount of the Seller’s invoice is lower than the amount of the L/C only the invoicing amount to be paid from the letter of credit.

 

d)      Any shortage of payment relative to the seller’s commercial invoice shall be settled by means of debit notes or supplementary invoice as the case may be and the amount settled by its addition to the next month L/C

 

e)      In case that in some months the sum of the debit note from the previous month plus the value of the monthly million barrels to be loaded overcome the value of the L/C the seller will have the option to require from the buyer to increase the amount of the L/C or to reduce the quantity to be loaded, so as to cancel the difference, and this will not be deemed a contract default. 

 

f)       On the last shipment and final delivery of the contract the above-mentioned difference should be settled immediately at sight at the time of payment of SWIFT transfer.

 

g)      Payment for the cargo shall be made immediately after the cargo has been loaded and all necessary shipping and product documents are presented to buyer bank.

 

h)      Terminal and Quality and Quantity shall be confirmed as being correct by the independent inspector of survey company AT SIGHT.

 

i)        In the event payment due date falls on Saturday or a New York banking holiday other than a Monday, then payment will be effected on the proceedings New York banking day. If the payment due date fall on a Sunday or a Monday, which is banking holiday payment will occur on the following banking day.

 

j)        All documents drawn under and in compliance with the terms of the letter of credit shall be duly honoured upon presentation, unless otherwise stated. The L/C shall be based on the International Chamber of Commerce’s (ICC) Commission 2007 Revision of Uniform Customs and Practice for Documentary Credits, UCP 600, and (ICC Publication No. 600).

 

k)      All payment instruments will be presented at the issuing bank for payment, as in this contract agreement terms and conditions and the deliveries and payments are effectuated according to the contracted agreement herein.

 

l)        The letter of credit/bank guarantee shall be in the form accepted by the seller/buyer as per attached and meeting international requirements for documentary letters of credit.

 

m)    The SELLER and BUYER each shall be responsible for their own bank charges.

 

9.1 The payment will be made upon the presentation to the seller’s bank, one original and three copies of the following documents:

           

Ø  Full set of bill of lading documentation

Ø  1 original of certificate of quantity

Ø  1 original and copy of certificate of quality

Ø  1 original and copy of one certificate of origin

Ø  1 original  and copy of master’s receipts of samples

Ø  1 original and copy cargo manifest document

Ø  1 original and copy of master’s receipt of document

Ø  1 original of Ullage report issued at loading terminal port 

Ø  1 original of copy certificate of Authenticity

 

ARTICLE 10: INSPECTION

 

To be performed by SGS/INTERTEK/CALIBRATE/SAYBOLT or equivalent. Inspection at out-turn to be used to determine invoiced Quantity of product. Buyer pays for inspection.

 

ARTICLE 11: SHIPPING TERMS AND VESSEL NOMINATION

 

The Buyer expressly confirms that he will take delivery of the subjected cargo on TTO/TTT basis. The seller expressly confirms his ability to deliver the subjected cargo to buyer.

           

ARTICLE 12: OCEAN FREIGHT AND MARINE INSURANCE

 

The buyer will take full responsibility for the insurance costs associated with this transaction, as it is a TTO/TTT.

 

ARTICLE 13: LEVIES, TAXES AND DUTIES:

 

The duties, taxes and other direct expenditures levied in relation to the crude oil importation into the buyer’s designated location are for the account of the Buyer.

 

ARTICLE 14: CONFIDENTIALITY

 

The parties agreed and understood that the entire operations under this contract is strictly confidential, consequently no part of this contract should be made known to the third parties, except contract related service suppliers (i.e. surveyor, shipper, ship, broker, customs agent etc.) that shall receive information strictly related to their task.

 

ARTICLE 15: NON-CIRCUMVENTION AND NON-DISCLOSURE

 

The non-circumvention and non-disclosure provisions as set forth by the ICC’s non-circumvention and non-disclosure agreement is ICC Publication No. 619 latest revision covering trace transactions will be binding all the parties to this and future transaction between the parties concerned for a minimum period of no less than 3 years.

 

ARTICLE 16: BANK CHARGES

 

Seller’s bank costs will accrue in the Seller’s account while the Buyer’s bank costs will accrue in the Buyer’s account.

 

ARTICLE 17: DUTIES AND TAXES

 

Seller shall pay ordinary agency fees, towage, pilot age and similar port charges, port duties and after taxes against vessel at the loading port Buyer is the importer of record and shall comply with all applicable government regulations governing said importation, procure all necessary licenses and permissions and shall pay or cause to be paid all duties, imposts and taxes for its import.

 

ARTICLE 18: DOCUMENTS

 

Electronic photocopies of documents will be acceptable in lieu of copies but not in lieu of original copies of the documents obtained at the port of loading.

 

ARTICLE 19: APPLICABLE LAW:

 

This agreement shall be governed by the American law. Furthermore, the parties agreed that the arbitration proceedings shall be conducted in English. The arbitration decision per the laws of the State of New York, USA and shall be accepted as final and binding. Venue for the arbitration shall be in New York, US. All issues shall be settled by arbitration in accordance with the Laws of State of New York as the case may be.

 

ARTICLE 20: TITLE AND RISK:

 

Title of each cargo and risk of loss of the crude oil shall be passed from the seller to the buyer once the title of ownership has been passed on to the buyer. All loses; damages or risk thereafter shall be the buyer’s responsibility.

 

ARTICLE 21: FORCE MAJEURE

                       

Neither party to this agreement shall be responsible for breach of contract caused by acts of GOD, insurrection, and breakdown of refinery operation/supplies to the seller/buyer, civil wars, and military operations, and government policies, national or local emergencies. The parties hereby accept the International provisions of Force Majeure and hardships published by International Chamber of Commerce.

 

ARTICLE 22: EXTENSION

 

This agreement may be extended by mutual agreement in writing to cover additional supplies of the crude oil for quantity and duration to be acceptable to all parties. Any additional supply agreement is to be agreed between the parties 30 days before the termination of this agreement.

 

ARTICLE 23: AMMENDMENT AND MODIFICATION

 

This contract agreement is binding on both parties and shall not be subject to any amendment or modification in part or whole in form by any parties throughout the duration of this transaction, except by mutual consent.

 

ARTICLE 24: RENEWAL OR REPETITION

 

This contract agreement may be renewed or broadly repeated upon the satisfactory conclusion of the first transaction. Such renewal or repetition with any changes to Spot/Term arrangements as the case may be, will be subject to mutual consents and understanding which shall be confirmed as acceptable in writing by both parties using original documentation.

 

ARTICLE 25: TITLE AND RISK

 

Title and risk of loss will pass to the Buyer as per ARTICLE 20

 

ARTICLE 26: BENEFITS

 

This contract is binding on both parties hereto, their legal representatives, successors and assignees, in accordance with the Juridical Law of this negotiated and fully executed contract.

 

ARTICLE 27: CLAIMS

 

27.1     Any claim for damages arising from non-compliance; default or violation of this contract is to be made by the injured party in writing not later than ninety (90) days from the date of such non-compliance, default or violation.  The party in non-compliance, default or violation agrees to settle damages not later than fifteen (15) days from receipt of a written demand from the injured party.

 

27.2     This contract is covered by INCOTERMS 2000 plus latest amendments unless superseded by any of the specific conditions mentioned herein.

 

ARTICLE 28: SIGNATURES

 

28.1     This contract is signed in counterpart and will be lawful and fully effective even though the named signatories may not sign at the same time and the same place.  Each copy with original signature will be deemed as original.

 

28.2     Each signature to this contract under penalty of perjury declares that he / she is fully empowered and legally bound to sign and execute this agreement on behalf of the respective party to the contract.

 

ARTICLE 29: DECLARATIONS:

 

29.1     The contract shall become valid and operational when fully executed by BOTH parties and delivered by facsimile transmission. The receipt thereof shall consider such delivery to constitute the original of the documents. The parties herein agree that such fax copies signed by both parties shall be construed to have same force as an original hereof.

 

29.2     In witness whereof the parties hereto have inscribed their signatures and by doing so, have hereby understood, agreed and accepted the terms and conditions so stated herein and have affixed their signature below on the date shown on this contract.

 

 

 

 

 

 

 

 

ARTICLE 3O: TTO PROCEDURE

 

PROCEDURE – PAYMENT & BANKING:

DELIVERY:

 

TTO GHANA WATERS

 

DURATION: ON THE SPOT PAYMENT.

 

TT0 PROCEDURES NIGERIA WATERS:

1.  Seller issues Sales and Purchase Agreement (SPA). Buyer signs and
returns (SPA )
and lodge it in their respective banks. The electronic copy is legally binding.(This SPA must be return in PDF)


 2
. Buyer provides his complete MATB/ NOR/ETA format with scan copy of CONFIRMABLE BANK MANAGER CHEQUE of TWENTY MILLION NARIA ( N20, 000, 000. 00) Pay in the original to sellers bank account.

 

3. Seller confirms draft and instructs captain of loaded vessel to issue MARINE ATB

 

4. BUYER confirms receipt of MATB and pays the draft of twenty million naira into seller’s account to enable him board buyer’s supercargo for confirmation of cargo in Nigeria water

 

5. Upon confirmation of cargo by buyer’s Super Cargo captain sends ATTESTATION / ARRIVAL ON BOARD of Super Cargo to all parties

 

6. Buyer upon receipt of attestation pays FIFTY MILLION naira into Seller’s account or BG / MT760 OF FIFTY MILLION naira for outward clearance and other logistics before vessel sail to point of Q/Q

 

7. After Q & Q result, buyer place full BG MT 760 to cover all the product to enable seller release complete set of documents in buyer’s name.

 

8. Seller confirms BG, releases Cargo document and introduces buyer to vessel handlers for re-chartering of vessel to final destination.

 

9. Buyer effects final payment via MT 103 wire transfer to all nominated accounts before vessel sails to final destination .

 

 

 

 

 

TT0 PROCEDURES GHANA WATERS:

 

 

1.  Seller issues Sales and Purchase Agreement (SPA). Buyer signs and
returns (SPA )
and lodge it in their respective banks. The electronic copy is legally binding.(This SPA must be return in PDF)


 2
. Buyer provides his complete MATB/ NOR/ETA format with scan copy of CONFIRMABLE BANK MANAGER CHEQUE of FIVE MILLION NARIA ( N5, 000, 000. 00) Pay in the original to sellers bank account.

   

    3. Seller confirm the Twenty million Naira in his bank and issues MARIN ATB/ NOR and ETA to Buyer,      Buyer/Bank confirm the NOR/ETA, and Buyer issues    BANK    GUARANTEE ( BG ) OF FIFTY MILLION NARIA ( N50, 000, 000,00)  to the seller’s bank and seller confirm the BG to this bank.

      V. Terminal granted loaded vessel security outward clearance to sail to Ghana international water for Q&Q test.

       V.2 Nigerian Water, Seller issue Marine ATB and Clearance to Seller and Buyers Bank Confirm the M/ATB and Clearance The TWENTY MILLION NARIA (N20, 000, 000. 00) turns cash into Sellers Account and Seller Board Buyer Super Cargo and Inspector Upon Pregnant Cargo/ Vessel.

 

VI. Upon arrival at Ghana International water between (10 -15 NAUTICAL MILES) loaded vessel’s captain issue MARIN ATB and Clearance to buyer’s inspector and supercargo for Confirmation and Q&Q test and board them to this loaded vessel.

 

VII. Buyer’s nominated inspector conduct Q&Q test and the reports sent to both buyer and seller respectively.

 

VIII. Upon successful Q&Q reports, the Fifty Million Naira (N50, 000.000, 00) turn to cash for logistic costs and procurement of original cargo documents on buyer’s name. NOTE: The total sum (N50, 000, 000, 00) will be deducted from the total cargo costs.

 

IX. Seller secure from Terminal the loaded vessel POP-- CPA, Q88 & BILL OF LADEN, CARGO MANIFEST ETC.

X. Within 48 HOURS Buyer’s bank issues MT103 by SWIFT for the entire cargo onboard in favor of the seller.

XI. All relevant shipping/cargo documents procured in buyer’s name and send for payment based on the seller’s commercial invoice according to Q&Q reports.

 

XII. Seller introduce buyer to the vessel’s owner or handler to enable buyer re-charter the vessel.

 

XIII. Buyer’s bank makes the FULL payment for the CARGO via SWIFT TRANSFER into Seller’s bank Account and pays all the commission agents as per the accounts details in the contract WITHIN 48HRS less the N50, 000.000.00 for logistic costs.

 

XIV. The Buyer gives faith of which the above-mentioned contract has not been modified nor altered by this person in any paragraph.

 

PAYMENT:

 

In US Dollar per out-turn quantities in favor of the Seller, made mature for payment within 48 hours, after Q&Q report. KTT wire transfer shall be made by the Buyer’s bank directly to the nominated bank account of the Seller in the sums stipulated. All intermediary and agents payments are simultaneous. Payment shall be in United State Dollars, corresponding to the total value of shipment quantity supplied.

 

BANK CHARGES

 

Sellers Bank costs will accrue to the Seller’s account while the Buyer’s Bank costs will accrue to the Buyer’s account

 

 

 

 

 

 

 

 ARTICLE 31: LIABILITY

 

After receiving a letter of credit (L/C) from the buyer, delay exceeding its validity, shall be considered as a non-performance on the part of the seller except as expressly provided in the agreement neither seller nor buyer shall be liable for any indirect or consequential losses, which may be suffered or alleged to have been suffered by other party.

 

ARTICLE 32: PAYMENT PROCEDURE

 

32.1      The payment will be in US Dollars and made by SWIFT MT 103, KTT Wire Transfer or Irrevocable, Confirmed, divisible, Transferable, letter of credit and Letter of Credit (LC) from a prime United States/European Bank in favour of the SELLER in the amount of US Dollars corresponding to the total value of each shipment.

 

32.2    Quantity, as assessed at the discharged port by the Independent Inspector or Surveyor Company, and price as determined as per Article 8 of this contract, will be used to compute the Seller’s invoice.

 

32.3      Payment for the Cargo shall be due within 72 hours after the Quality and Quantity have been confirmed as being correct by the Independent Inspector or Surveyor Company at the buyer’s discharge port, and made without delay. In the event payment due date falls on a Saturday or a New York banking holiday other than a Monday, then payment will be affected on the preceding New York banking day. If the payment due date falls on a Sunday or a Monday, which is a banking holiday in New York, then the payment shall be effected on the next New York banking day.

 

32.4      Buyer shall instruct its bank to advise Seller’s bank by SWIFT or tested telex quoting the value date of the transfer, the amount, the invoice number and the clearing bank, if any. Such advice is to be sent in due time so as to enable Seller’s bank to credit Seller with value on due date.

 

32.5       All Payment instruments will be presented at the issuing Bank for payment, as in the terms and conditions of this contract agreement and the deliveries and payment will be made according to the contract agreement herein. The SWIFT MT 103 payment instrument shall be in the form accepted by the seller and meeting international requirements.

 

 

ARTICLE 33: DOCUMENTS

 

Each payment by SWIFT shall cover the amount in US dollars corresponding to each cargo delivery of volume of barrels of Bonny Light Crude Oil.  Payment for the cargo value is to be made available 100%, without deductions on Seller’s documents, simultaneously with the payment to the seller for the value of the crude oil delivered when the seller has presented the Signed Commercial Invoices and the following documents at the counter of the Buyer’s bank.

 

The Bill of Lading will evidence the following:

 

§  B/L Number, date and place of issue.

§  Designated destination port.

§  Proof of shipment from Bonny Terminal.

§  The master of the nominated vessels must manually sign all Bills of Lading.

§  Certificate of Title.

§  Certificate of Origin

§  Certificate of Quantity by SGS or equivalent.

§  Master’s receipt for samples taken on board.

§  Cargo manifests.

§  Tanker Ullage reports.

§  Tanker time sheet.

The Seller and Buyer shall each be responsible for their individual banking charges relating to this Contract Agreement

 

ARTICLE 34: CONFLICTS AND TERMINATION OF CONTRACT

 

34.1       CONFLICT

 

The construction, validity and performance of this contract shall be in accordance with the laws of the U.S,  European law and Nigeria Law

 

34.2      TERMINATION OF CONTRACT

Either party may terminate this Agreement by giving the other party twenty-one (21) day notice in   writing and such notice shall be deemed good notice if sent by fax or e-mail on receipt of proof of delivery by the other party provided all outstanding obligations and/or liabilities to the other party and all outstanding commissions stipulated in separate Master Fee Protection Agreement have been fully settled to be paid by seller to agents.      

 

ARTICLE:  35. BANKING COORDINATES OF SELLER, BUYER AND CONTRACT HOLDER

 

 

 

BANKING DETAILS OF THE SELLER TO RECEIVE FULL PAYMENT MT 103/ MT 760 FUND TRANSFER OF USD

 

 

CORRESPONDENT BANK NAME. $ USD

DEUTSCHE BANKERS TRUST COY, NY

BANK ADDRESS

60 WALL STREET, NEW YORK, USA

SWIFT CODE:

BKTRUS33

ROUTING NUMBER:

021001033

BENEFICIARY BANK A/C NUMBER:

BENEFICIARY BANK

04456953

 

HERITAGE BANKING

SWIFT CODE:

BENEFICIARY  ACCOUNT NO

HBCLNGLA

6001192572

BENEFICIARY  NAME

YESS INTEGRATED TRADE LTD

PURPOSE OF FUND

TERM CONTRACT SUPPLY

ACCOUNT OFFICER  

OLUFEMI OLADEINDE

EMEKA OFORDILE

ACCOUNT OFFICER/MAIL

Olufemi.oladeinde@hbng.com

emeka.ofordile@hbng.com         yessit@live.com

CORRESPONDENT BANK NAME. £ GBP

STANDARD CHARTERED BANK LONDON

ADDRESS:

1 BASINGHALL AVENUE, LONDON EC2V 5DD

BRANCH SORT CODE

60-91-04

SWIFT CODE:

SCBLGB2L

ACCOUNT NUMBER

01269250301

BENEFICIARY BANK

HERITAGE BANKING LIMITED

BENEFICIARY  ACCOUNT NO

6001192572

BENEFICIARY  NAME

YESS INTEGRATED TRADE LTD

 

 

 

 

BANKING DETAILS OF THE BUYER TO MAKE FULL PAYMENT MT 103

ACCOUNT  NAME

 

BANK NAME

 

BANK ADDRESS

 

ACCOUNT NO

 

SWIFT CODE

   

INTERMIDIARY BANK

SWIFT CODE

 

ABA NO

ACCOUNT NO

 

 

BENEFICIARY

 

ACCOUNT OFFICER

 

ACCOUNT OFFICER/MAIL

 

 

 

BUYER’S MANDATE  SIGNATURE

 

 

SELLER’S SIGNATURE:

BUYER’S SIGNATURE:

 

 

 

 

SELLER’S COMPANY SEAL:

 

BUYER’S COMPANY SEAL:

 

 

 

 

 

 

For and on behalf of Seller: YESS INTEGRATED TRADE LTD              

Represented legally by:   IBIYO IBIYEMI BABAFEMI

Position:   CEO                     

Date:   DATE \@ "dd MMMM yyyy" 22 December 2015

 

For and on behalf of Buyer:

Represented legally by:                                             

Position:         

Date

 

 

SENDER

BANK

:

 

ADDRESS

:

 

ACCOUNT NAME

:

 

ACCOUNT NO.

:

 

SWIFT CODE

:

 

BANK OFFICERS

:

 

PHONE

:

 

FACSIMILE

:

 

MOBILE

:

 

EMAIL

:

 

 

RECEIVER

BANK

:

 

ADDRESS

:

 

ACCOUNT NAME

:

 

ACCOUNT NO.

:

 

SWIFT CODE

:

 

BANK OFFICERS

:

 

PHONE

:

 

FACSIMILE

:

 

MOBILE

:

 

EMAIL

:

 

 

---------------------------------------------------------------------------MESSAGE TEXT----------------------------------------------------------------

STANDBY LETTER OF CREDIT MT 760

DESTINATION: 

TRANSACTION CODE:

BANK NAME:

ADDRESS:

ACCOUNT NAME:

ACCOUNT NUMBER:

SWIFT CODE:

27: SEQUENCE OF TOTAL

20: TRANSACTION REFERENCE NUMBER

23: FURTHER IDENTIFICATION

30: DATE

40C: APPLICATION RULE

77C: DETAILS OF STANDBY LETTER OF CREDIT

BANK NAME:

ACCOUNT NAME:

ACCOUNT NUMBER:

IBAN:

SWIFT (BIC) CODE:

ACCOUNT OFFICER:

CURRENCY: USD

BANK INSTRUMENT NUMBER: ______, __________ 2015

AMOUNT: 00. 000. 000, 00 (MILLION US DOLLARS)

DATE OF ISSUE:

MATURITY DATE:

BENEFICIARY:

 

FOR VALUE RECEIVED WE THE UNDERSIGNED, (BANK NAME AND ADDRESS)……………………….., AT THE INSTRUCTIONS OF OUR CLIENT…………………, WITH FULL BANK RESPONSIBILITY HEREBY IRREVOCABLY AND UNCONDITIONALLY, WITHOUT PROTEST OR NOTIFICATION, PROMISE TO PAY AGAINST THIS  LETTER OF CREDIT IN FAVOR OF .YESS INTEGRATED TRADE LTD, OR THE BEARER AND/OR HOLDER THERE OF, THE AMOUNT OF EXACTLY $00. 000. 000, 00 (………… MILLION US DOLLARS) IN THE LAWFUL CURRENCY OF THE UNITED STATES OF AMERCIA (US DOLLARS), UPON PRESENTATION AND SURRENDER OF THIS LETTER OF CREDIT, AT OUR COUNTERS, ON MATURITY DATE, AND NOT LATER THAN 3 DAYS AFTER THE MATURITY DATE.

 

SUCH PAYMENT SHALL BE MADE WITHOUT SET-OFF AND SHALL BE FREE AND CLEAR OF ANY DEDUCTIONS, CHARGES, TAXES, LEVIES, DUTIES, AND FEES OR WITH HOLDINGS OF ANY NATURE, NOW OR HEREAFTER IMPOSED, LEVIED, COLLECTED, WITHHELD OR ACCESSED BY THE GOVERNMENT OF SPECIAL ADMINISTRATIVE REGION OF HONG KONG, PEOPLES REPUBLIC OF CHINA, OR ANY POLITICAL SUBDIVISION OF AUTHORITY THEREOF OR THEREIN.

 

THIS LETTER OF CREDIT GUARANTEE IS NEGOTIABLE, ASSIGNABLE WITHOUT NOTIFICATION OR PRESENTATION TO US AND WITHOUT THE PAYMENT OF ANY TRANSFER FEES OR ASSIGNABLE FEES.  WE HEREBY CONFIRM THAT THE FUNDS ARE GOOD, CLEAN AND CLEARED FUNDS OF NON-CRIMINAL ORGIN, AND FROM A LEGAL SOURCE, AND SATISFY THE INTERNATIONAL REQUIREMENTS OF A.M.L., ANTI-TERRORISM AND ANTI DRUG LAWS.

 

WE FURTHER CONFIRM THAT THESE CASH FUNDS ARE RESERVED IN THE AFOREMENTIONED ACCOUNT FOR THIS TRANSACTION IN FAVOR OF ---YESS INTEGRATED TRADE-- FOR A PERIOD OF …30 DAYS WITH A MONTHLY ROLL OVER FOR ONE YEAR …………… AND THAT THESE FUNDS WILL REMAIN UNENCUMBERED DURING THIS PERIOD.  THIS LETTER OF CREDIT IS SUBJECT TO THE LAWS OF SPECIAL ADMINISTRATIVE REGION OF HONG KONG, PEOPLES REPUBLIC OF CHINA AND THE UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS (LATEST REVISION) ICC 600 AND ISP98. 

 

THIS IS AN OPERATIVE INSTRUMENT AND DOES NOT REQUIRE FURTHER CONFIRMATION BY EITHER PHONE/FAX OR EMAIL.  ALL CHARGES ARE ON THE ACCOUNT OF THE APPLICANT.

 

FOR AND ON BEHALF OF [BANK NAME]

 

 

 

 

AUTHORIZED SIGNATORY:                                                                                                         AUTHORIZED SIGNATORY:

 

OUR PARTNERS - DPR -DEPARTMENT OF PETROLEUM RESOURCES , NNPC - NIGERIAN NATIONAL PETROLEUM COPORATION, NIPEX - NIGERIAN PETROLEUM EXCHANGE , NEPC- NIGERIAN EXPORT PROMOTION COUNCIL, NCC - NIGERIAN COMMUNICATION COUNCIL, ITF - INDUSTRIAL TRAINNING FUND, ECO BANK, HERITAGE BANK, DIAMOND BANK, GTBANK, ACCESS BANK, NSITF - NIGERIA SOCIAL INSURANCE TRUST FUND, PENCOM
AFRICA HOME SERVICES E-TRADE OIL & GAS ADVERT MARKET CONTACT ? FAQ OUR INVESTORS JOBS