50 – 100KMT OF AGO IN LAGOS WATERS

TRANSACTION: CALL AND LOAD

SECURITY FEE: N5 MILLION

INSTRUMENT: NON (INDEMNITY MUST BE SIGNED)

PRICE: N580/5

PROCEDURE FOR AGO CALL AND LOAD LAGOS WATERS

1. Seller sends SPA and buyer signs and returns with vessel details and ATL with a scanned copy of the cheque of 5m for security.
2. Seller asks the captain to open communication with the receiving vessel captain. Upon this, the STS location is agreed on for a tie-up. They move to tie up immediately.
3. Once they lap, the buyer asks his crew to cross over to the seller’s vessel and confirm if the vessel is loaded.
4. Upon confirmation, the buyer releases the security fee of 5m to the seller, and once the alert is confirmed, the seller asks the captain of the loaded vessel to pump the product immediately into the receiving vessel, and payment is done for total cargo.
5. Note: Buyer should prepare an indemnity with the clause that upon tie-up and there’s no product, the seller will pay for the vessel hired.