Dear Sir,
I have Been Trying to contact you all these while. I have a Buyer For 2Million Bbls of BLCO product you informed me of last month. You sent the SPA for the Product to me in my mail (***)and the Buyer is ready to proceed but up till now i havent heard from you.
However,The Buyer is one of the largest buyers of Bonny light Crude Oil in North America. They have 39 refineries across the world that need to be supplied with crude oil.
The Buyer has signed several SPA's with many Nigerian Sellers over the last 4 months; at least 14 of them turn out to be fake Sellers with no crude oil to sell. Some Nigerian "Sellers" that were issued Pre-advice Letter of credit by the Buyer pasted the Buyer's information all over the internet shopping fro crude to sell.
As a result of the unpleasant experience, the Buyer will not make a move on any deal unless they are convinced the Seller is real. To this end the Buyer has adopted this approach.
After the Signing of the SPA you have sent to me Within three(3) banking days of after sending the SPA signed by the Buyer to you, the Seller’s Bank sends by Swift a Non-Operative 2% Performance Bond (PB) to the Buyer’s Bank in the form of a Stand By Letter OF Credit (SBLC) from a Top 25 world bank.
Within seven (7) banking days of , Buyer’s Bank shall issue a Non-Transferable Revolving Documentary Letter of Credit (RDLC) value for one-month cargo shipment to the Seller that activates the Sellers Performance Bond (PB).
Please note that Seller's Non-Operative 2% Performance Bond will become active only after Buyer issues the RDLC.
After these the rest of the Procedures are same as yours.
E) Within five (5) banking days of d above, Seller shall provide The Charter Party Agreement (CPA) for the designated vessel marked "Freight Prepaid" to Buyers destination. Failure of Seller to do so shall be a default event and Buyer shall collect the PB.
F) Within two (2) banking days of e above, the Seller will give the Buyer verifiable Vessel name, call letters, and Captain’s name of the Vessel that is to load for CIF delivery and Buyer signs a copy of the Charter Party Agreement with the Shipping Agency.
G) After the vessel has discharged its cargo at Buyers destination port and Buyer has received the Post Discharge Q & Q Report from SGS and after all documents are presented by the Seller after the time of cargo delivery as required by the DLC, Buyer shall make payment by to Seller’s Bank Account.
H) Payments are made by swift wire transfer directly to the Seller’s bank account as stipulated in the SPA contract within three (3) international banking days after product delivery to Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s Bank.
Reply me immediately so that the Buyer`s countersigned copy of the SPA will be sent to you.
Please my new e-mail address is *** . Please direct all replies to this address.
I wish to hear from you as soon as possible.
Sicnerly,
Clem Philip.