120,000 MT AGO TTO COTONOU WATERS FREE BOARDING
1. Seller/Buyer endorse Contract
2. Buyer returns signed SPA with NOR/ATB FORMAT supercargo & Inspector telephone number and buyers agent for confirmation.
3. Seller instructs loaded vessel captain to issue Marine Authority To Board (MATB) to buyers inspection team in COTONOU WATERS.
4. Upon boarding of buyers inspection team, collection of samples and attestation from the captain of the loaded vessel and buyers supercargo, AS INSPECTOR DISEMBARKS WITH SAMPLE, BUYER PAYS 350,000 US DOLLARS FOR LOGISTICS, BY SWIFT BANK TRANSFER .
5. Upon successful Quality and Quantity (Q&Q) inspection, BUYER PAYS THE COMPLETE VALUE OF THE CARGO LESS THE VALUE ALREADY PAID FOR LOGISTICS, BY SWIFT BANK TRANSFER TO SELLER.
6. All the shipping documents and titles are issued in Buyer's name while Seller introduces Buyer to vessel handlers/owners and Buyer re-charters vessel at his cost.
Payment is made to Sellers account, intermediaries accounts and consultant group account in this SPA against copies of full shipping documents at Buyer's bank via SWIFT. ALL PAYMENTS OF INTERMEDIARY WILL BE MADE AGAINST INVOICE ISSUED BY THEIR COMPANY.
NB. All the logistics paid will be deduct from the main money
There are no Penalty Clause to this transaction. It is believed that the procedure balanced and that both the Seller and Buyer are taking equal level of risk.
Payment shall be made in United States Dollars via swift telegraphic transfer upon completion of loading and presentation of the required documents.
Should the due date of payment fall on Saturday or a bank holiday in New York other than on a Monday, then payment shall be effected on the immediately proceeding business day; should the due date fall on a Sunday or a Monday bank holiday in New York, payment shall be effected on the next bank succeeding day, all opening bank charges shall be account of Buyer.
10. FREIGHT: Freight charges for Buyer to the account of Buyer upon Takeover of the vessel.
11. BANK CHARGES: Sellers bank charges will accrue to Sellers bank account while Buyers bank charges will accrue to Buyers bank account.
Fax, electronic or digitally transmitted documents in respect of the transaction are deemed original copies, including signatories and certificates of discharge. Original shipping documents as stated above shall be issued at the final discharge and after the entire product is delivered on board Buyers vessel.
14. TITLE AND RISK:
Title to, risk of loss damage to the product shall pass from the Seller to Buyer upon takeover of the vessel and cargo.
Sellers warrant that the product supplied hereunder shall conform to the description stated herein; that seller will convey good title thereto; that such product shall be delivered free from any lawful security interest, lien, or encumbrances.
This agreement shall be binding on both parties, their agents, brokers, legal representatives, successors and assign in accordance with prevailing laws.
17. LAW AND LEGAL JURDICTION / ARBITRATION:
The construction, validity and performance of this contract shall be in accordance with the laws of England. Should any dispute arise hereunder, the matter in dispute shall be referred to a panel of three arbitrators, one to be appointed by each of the parties hereto and third by the so chosen. Arbitrators shall take place in London under ICC rules. The decision of the arbitrators, or of a majority of them in the event of a split decision, shall be final and biding on both parties without
resources to appeal.
18. NON-CIRCUMVENTION, NON-DISCLOSURE
Both parties, their representatives, negotiators, brokers, intermediaries or bankers group shall not circumvent, disclose or contract/contact for this transaction or any subsequent one, persons or organized parties involved or introduced by the party in manner whatsoever and shall not deny the agent/beneficiaries of any benefit entitlements unless with a written consent from the other party, otherwise the other party is entitled to claim from the defaulting party an amount
equivalent to the estimated benefits lost or damage caused by any of the parties involved and the parties shall act in absolute confidence and with the greatest discretion and interest of Brokers will be protected by the Buyer and Seller or their representative as inco-terms 2000 non-circumvention Agreement.
- Company Name: DOUBLE STONE AND ASSOCIATES
- Country: THE NETHERLANDS