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RIVERS STATE
AND
BUYER
The seller hereby confirms having for sale, and the buyer hereby
confirms having ability to purchase:
COMMODITY: LOW POUR FUEL OIL (LPFO)
QUALITY: NNPC/DPR STANDARD
SPECIFICATIONS. LPFO
QUANTITY: 300,000,000 MT LPFO ALLOCATION
PFI NUMBER:
LPFO ALLOCATION REF: POP REF:COMD/EXP.T/28/VOL.7/2387.
BULK APPROVED MPR NO:DPR/DS/CTO/2018/VOL.19/077.
T/CODE:NNPC/BLO/T/OPS/BON/279
TERMS
Spot purchase 300,000,000 M/T +5%‐ tolerance, SPOT under INCOTERM 2000
with latest edition.
PROCEDURE: (please note that this procedure is only valid for seven days)
1. Buyer & Seller Signs & Seals MOU / Payment Schedule and
exchange the signed copy by electronic mail. The electronic signed copy
by both Parties is considered legally binding and enforceable.
2. Along with the signed/sealed MOU/SPA, Buyer provides POF and
BCL/Capability Letter addressed to NNPC through Seller, strictly by the
verbiage attached in appendix “B” , upon receipt of the above, Seller
provides soft copy of allocation document.
3. Upon verification/confirmation of the product via the allocation
details /soft copy, Buyer BLOCKS total funds for the product in Seller’s
account and issue notification to Seller BUNAD MULTISERVICES LTD.
4. Upon confirmation of item 3 above by Seller, within the next week,
the Hard Copy will be officially presented to Buyer through the Seller and
the officers in NNPC.
5. Buyer UNBLOCKS funds to Seller for the total cost of the product
and Buyer Pays for the Allocation & All Commissions in this MOU Contract
Agreement to all concerned as per the payment schedule.
6. After confirmation of payment to all concerned Seller’s bank
manager releases original documents to the Buyer in the presence of the
Seller.
INSPECTION:
The quality and the weight of the products shall be ascertained and
certified by SGS at SELLER’s cost.
Note:
Both parties have agreed to irrevocably abide by the terms and
conditions of this SPA and this endorsement.
Bank Charges: Seller’s Bank charges will be borne by the Seller.
Buyers Bank charges will be borne by the Buyer. The parties agree
not to contact each other’s bank (soft probe) without prior
confirmation from other party. Each party may change his bank
during course of the transaction.
BANK CHARGES:
SELLER BEARS THE COST FOR HIS ACCOUNT AND BUYERBEARS THE COST FOR HIS
ACCOUNT
BANK NAME:
Guaranty Trust Bank PLC
BANK ADDRESS:
Akpakpava branch, Benin City
ACCOUNT TITLE
Egwuanim Enofe Courage
ACCOUNT NUMBER:
0053116092
PRO PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x
1050litters
DISCRIPTION DETAILS
PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x 1050litters
ACCOUNT NAME OMOTOSHO TOPE JOSEPH
PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x 1050litters
DISCRIPTION DETAILS
PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x 1050litters
DISCRIPTION DETAILS
DISCRIPTION DETAILS
Bank Name:
Bank Address: SAME AS BUYER
Account Name
Account No.:
Account Officer:
TELEPHONE:
BUYER AND SELLER RESERVE THE RIGHT TO CHANGE OR
SUBSTITUTE BANKING DETAILS AT ANY STAGE OF THE CONTRACT
PROVIDED THAT NOTICE IN WRITING BE GIVEN TO THE OTHER
PARTY AT LEAST ONE BANKING DAY BEFORE SUCH A CHANGE IS
MADE.
Hereby with full corporate responsibility and with the power vested in its Officer, accept, confirm
and agree to abide by this Contract.
Appendix “A”
INDEMNITY AGREEMENT
THIS INDEMNITY AGREEMENT IS MADE THIS 11TH DAY OF OCTOBER, 2013
INTERNATIONAL CHAMBER OF COMMERCE
http://www.iccwbo.org/images/IncotermsHomaPageBanner.png
(I.C.C 400/500/600)
BETWEEN
BUNAD MULTISERVICES LTD
(HEREINAFTER REFERED TO AS “THE SELLER”)
1. SELLER'S BANKING /COORDINATES FOR RECEIPT OF PAYMENT: N68.00K/LTR
DESCRIPTION DETAILS
Account Officer1 & 2 Name: BRANCH MANAGER(TIMSON OKAH) & MICHEAL AKPAN
AND
(HEREINAFTER REFERED TO AS “THE BUYER”)
BUYER'S BANKING INFORMATION/COORDINATES FOR ISSUANCE OF PAYMENT:
N74.00/LTR
DISCRIPTION DETAILS
IT IS ALSO JOINTLY AGREED BY THE BUYER AND THE SELLER THAT UPON
NON-PERFORMANCE OF THE CONTRACT ON THE PART OF THE BUYER, THE
BUYER SHALL PAY THE SUM OF TWO HUNDRED MILLION NAIRA ONLY
(N200,000,000.00), AS COMPENSATION TO THE SELLER.
NB:
THIS INDEMNITY AGREEMENT IS REGARDED AS A LEGAL DOCUMENT
AND IT IS ENFORCEABLE BY LAW.
LIABILITY EXEMPTIONS:
Neither THE SELLER nor THE BUYER shall be liable for failure to perform, any or all of the
provisions set out in this INDEMNITY, if the performance has been delayed, hindered or
prevented by reason of any cause that may be outside of THE SELLER or THE BUYER’s
control, even though the affected party exercised due diligence.
Wheresuch failure or delay is caused by “force majeure” (being any event), occurred by
circumstance reasonably beyond the control of that party, including without prejudice
to the generality of the foregoing failure or delay caused by or resulting from Acts of
God, strikes, fire, floods, wars, (whether declared/undeclared), riots, destruction of the
materials, delays or carriers due to break down or adverse weather, perils of
embargoes, accidents, restrictions imposed on by any Governmental Authority
(including allocations, requisitions, quotas and price controls).
THIS AGREEMENT IS REACHED ON THIS 20TH DAY OF JANUARY, 2014.
PAYMENT: BANK TO BANK SETTLEMENT TRANSFERS THROUGH SWIFT.
TOTAL PAYMENT DUE: 100% PAYMENT BEFORE UP LIFTMENT OF PRODUCT.
SIGNATURE SEAL
BUYER:ON BEHALF OF THE BUYER
Name: MR OMENYE CHUKWUMA
MICHAEL & ALHAJI
IBRAHIM BATURE
Title: MD/CEO
Date: 05TH FEBY, 2014
Appendix “B”
STRICT TEXT OF THE BCL AS DEMANDED BY NNPC/PPMC
We further confirm that upon the full presentation and confirmation of the
original Allocation documents, we will effect full payment within 48 hours
in favor of Nigeria National Petroleum Corporation (NNPC) and other
beneficiary as commission agents.
ACCOUNT NO:-
ACCOUNT NAME:-
END OF CONTRACT