ARTICLE 23. PROCEDURES:
23.1
SELLER ISSUES CONTRACT FOR BUYER’S REVIEW, AND (FORM C12/CIS) TO BUYER
FOR COMPLETION.
23.2
BUYER, INITIALS AND SIGNS THE CONTRACT, COMPLETES AND RETURNS (FORM C12)
ALONGSIDE THE CONTRACT TO THE SELLER.
23.3 (ELECTRONICALLY
TRANSMITTED COPIES SHALL BE DEEMED ORIGINAL AND BINDING).
23.4 SELLER PROVIDES THE TEXT (VERBIAGE) FOR THE LETTER OF CREDIT
(MT760).
23.5 BUYER PROVIDE DETAILS OF CHARTERED VESSEL, 1- 2- MILLION BARREL
(VLCC) VESSEL AND FURNISHES SELLER WITH HIS CHARTER DOCUMENTS.
23.6
BUYER PLACES SBLC, COVERING A FIRST SHIPMENT, WHICH STAYS IN PLACE FOR
THE REMAINDER OF THE CONTRACT.
23.7 BUYER RESPONSIBLE FOR INWARD AND OUTWARD CLEARANCE OF BUYER’S
VESSEL AND VESSEL IS CALLED INTO PORT FOR LOADING.
23.8 SELLER PROGRAMS BUYER’S NOMINATED VESSEL
FOR LOADING IN ACCORDANCE WITH THE GIVEN ETA IN THE NAME OF BUYER AS OWNER AND
CONSIGNEE OF THE CARGO.
23.9 VESSEL IS LOADED IN BUYER’S NAME AND FULL DOCUMENTATION IS
ISSUED IN THE NAME OF BUYER AND SOFT COPIES SENT TO BUYER.
23.10 WITHIN 24 HOURS AFTER A SUCCESSFUL Q&Q,
BUYER’S BANK PAYS FOR THE PRODUCT VIA MT103 WIRE TRANSFER.
23.11 ALL ORIGINAL COPIES OF CARGO DOCUMENTS ARE
HANDED OVER TO BUYER AND HIS VESSEL SAILS TO HIS DESTINATION.
23.12 SHIPMENT AND DELIVERY IS EFFECTED TIMELY.