1. Seller and Buyer execute this Agreement by facsimile transmission and hard copies shall be sent after the transaction has been established in both banks with the electronic copies. Facsimile
transmissions shall be deemed as originals, bearing the same force and function. Buyer and seller will lodge the Agreement with their respective banks.
2. Buyer issues a Non-Operative Transferable, Divisible and Confirmed LC to seller's bank via swift to sellers bank in favour of seller. (prior to Buyers Bank placing the Non-Operative LC, a swift message would be sent to Sellers Bank confirming ability and willingness to activate it with 2%PB within)five (5) banking days of placing the Financial Instrument .
3. Seller shall issue, within five (5) banking days after receipt of the Non-Operative LC from buyer, via Bank-to-Bank SWIFT communications procedure, an irrevocable and confirmed performance Bank Guarantee of two percent (2%) value of buyers letter of credit, in favour of the Buyers Bank which automatically activates the buyers Non-Operative LC to be Operative.
4. Seller issues information on laycan to buyer.
5. Seller shall provide the Buyer the confirmed charter party agreement for the vessel and notification of estimated time of arrival
(ETA) to the buyers Designated Discharge Port. Loading takes place as per laycan date. Shipping documents formalities completed
6. Vessel sails.
7. Vessel discharges cargo at Destination Port.
8. Payments are made by SWIFT wire transfer directly to the Seller's and Intermediaries nominated Bank Accounts, within two (2) days after delivery of Crude Oil at Buyer's=2 0Discharge Port against presentation and confirmation of stated shipping document
9. Buyer pays commissions due to the facilitators and brokers at the same time and by the same method as for the invoice paid to the seller as noted in the master Fee Protection Agreement attached.
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