F. O. B of nigerian light crude oil available! Our procedure is non-negotiable I) seller and buyer sign sales purchase agreement enclosing all relevant of co-ordinates in the presence of each other. Ii) buyer and seller notarize the signed contract (notarization fee to be borne by both parties). Iii) buyers bank issues a non-operative letter of credit of us$350,000.00 (three hundred and fifty thousand United States dollars) to seller for programming and reassignment of a 2million barrel cargo in buyers name. Iv) within 5 working days of receipt and confirmation of the us$350,000.00 letter of credit, the seller reassigns the cargo with laycan and cover letter from nnpc in the name of the buyer and gives the buyer 4 (four) working days to verify the reassigned documents from (a) shell screen London, (b) nnpc offices/website and (c) bonny loading terminal. Upon confirmation and verification of the aforementioned, letter of credit for the programming and reassignment is automatically activated by buyers bank and authorizes swift wire payment of the us$350,000.00 to sellers bank. V) seller places 2% performance bond in favour of buyer. Vi) the buyer releases to the seller, cpa/q88 of his nominated vessel for clearance into the terminal with the buyers bank simultaneously pre-advising the letter of credit covering cargo cost to sellers bank. Vii) once buyer discharges all port regulations through nnpc, his vessel is cleared into the terminal and goes in for loading. Viii) within 24 hours of clearance of buyers vessel for loading, buyers bank issues to sellers bank confirmed, irrevocable, divisible and transferable documentary letter of credit or bank guarantee covering cargo cost Ix) after loading of cargo into buyers vessel with q&q test conducted by buyers inspection agent ascertaining quantity & quality of cargo, swift wire payment of the value of the dlc or BG is immediately effected within 72 hours to sellers bank account together with the swift wire payment to various agents bank accounts as contained in this spa on presentation of the following documents