JP54. 2 millions barrels per month +/- 5%. 12 months with a possibility of prolongation to 36 months.
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JP54. 2 millions barrels per month +/- 5%. 12 months with a possibility of prolongation to 36 months.

FOB, Rotterdam 40-45 working days after financial instrument is issued Bank guarantee of the format 758 with a term 365+1days
for one-months filling up (or Stand by L/C for US) + DL/C one month filling up and 10 time revolving

Gross — 15 dollars, Net — 12 dollars
Commission — 1.50 dollars open, 1+0.50 dollars closed. Commission will be paid by the Seller; IMFPA will be present in the main contract.

PROCEDURE
1. Buyer sends ICPO and BCL(appendix 3) to the Seller;
2. Seller and buyer sign and exchange contract;
3. Seller bank officer will send a email to the buyer bank officer asking if they are confirming readiness to issue the bank guarantee for the amount of us$ x00,000,000.00 (XXXXX hundred million united state dollars) and Doc/LC revolving 10 times covering 1 monthly deliveries of 2 million BBLS, upon receiving your MT 199 confirming that APG refinery is RWA to process the volumes as outline herein and persuant to contract Nr XXXXXXXXXXXXX
4. Buyer bank officer confirms by email the readiness to issue the bank guarantees as referred in the contract terms Nr XXXXXXXXXXXXXXXX. After having received the MT 199 from the seller bank.
5. Immediately after seller having issued the MT199 as referenced in point 2 above, buyer shall within five banking days time issue Appendix “2” for the 2 (two) million BBLs at the amount of one month delivery for the duration of one year and one day; and the issue of the LC revolving for monthly delivery.
6. Buyer provides seller with Q88 and seller confirms acceptance of vessel(s) in writing and as per loading port;
7. Seller fix vessel(s) and master gives eta loading port and three banking days before loading buyer issue MT 103;
8. At loading port vessel gives nor and be tugged to terminal and loading commences;
9. After loading, seller shall provide SGS report.
10. Seller provides SGS results report and supporting documents to buyer and seller shall presents documents to buyer’s bank for payment.
11. At discharge port buyer performs its SGS test and payment is made according the LC.

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