EMMBABZ

EXPORTER OF BONNY LIGHT CRUDE OIL.

BUYER'S BANK ISSUES BANK PAYMENT ASSURANCE LETTER IN FAVOR OF SELLER'S BANK INDICATING THE CAPABILITY AND WILLINGNESS OF THEIR CUSTOMER TO PURCHASE SUCH PRODUCT AND ALSO FILLS NNPC FORM

SELLER ISSUE BULK PROVE OF PRODUCT FOR BUYER'S CONFIRMATION.

SELLER AND BUYER SIGN AND SEAL SALES/PURCHASE AGREEMENT WITH THEIR FULL BANKING DETAILS AND DEPOSITED IN THEIR RESPECTIVE BANKS.

BUYER ISSUES A NON OPERATIVE STAND BY LETTER OF CREDIT IN FAVOR OF SELLER TO BE ACTIVATED WITH SELLER'S $100,000 USD PERFORMANCE BOND ALONG WITH DETAILS OF HIS DISCHARGE PORT WITHIN 48HOURS.

SELLER UPON CONFIRMATION OF BUYER'S NON OPERATIVE STAND BY LETTER OF CREDIT,RELEASES $100,000USD PERFORMANCE BOND TO BUYER'S BANK TO ACTIVATE THE LETTER OF CREDIT.

UPON THE RECIEPT OF THE BUYER'S SBLC (STAND BY LETTER OF CREDIT) THE SELLER SHALL NOMINATE VESSEL,COMMENCE LOADING WITH NECESSARY DOCUMENTATIONS TO THE BUYER AND SAILS TO BUYER'S DEPORT.

BUYER SHALL AT THIS STAGE PUT IN PLACE FOR SELLER ALL NECESSARY SECURITY CLEARANCE DOCUMENTATION AND LOGISTIC ARRANGEMENT FOR THE DISCHARGE OF THE CARGO BY THE SELLER.

BUYER COMPLETES DELIVERY PROCESS AND COLLATES ALL DOCUMENTS TO THE BUYER'S BANK FOR PAYMENT.

THE BUYER PAYS FOR THE CARGO AND ALL COMMISSIONS AS RECORDED IN THE MFPA SECTION OF THE CONTRACT BY SWIFT WIRE TRANSFER RESPECTIVE PARTIES NOMINATED BANK ACCOUNTS WITHIN 48HOURS AFTER PRODUCT DELIVERY ON OUT TURN BARREL BASES