20 KMT OF AGO IN LAGOS WATERS

TRANSACTION: TTO

PROCEDURE FOR TTO

1.Seller issues Sales&purchase agreement, Buyer sign and return with ATB format.

Both parties meet face to face in Lagos buyer pays N7m to board in Lagos and N15m to board in lome.

Note: Prospective buyer takes care of the logistics (flight booking for two company staffs) and hotel expenses of meeting seller’s team face to face

B) LOME TRANSACTION: Seller issues cargo documents and introduce the clearing agent to buyer and issue local clearance in favour of buyer.

Buyer supercargo and inspector goes on board at lagos or lome waters, supercargo release attestation, remains on board,and inspector come down with sample, QnQ result is released and buyer pay logistics of N200m or $1m to seller’s nominated account.
Seller releases all soft copy of cargo documents to buyer including clearance for full cargo payment.
Buyer verify the cargo documents and make payment minus the N200m or $1m logistics amount. Buyer recharters the vessel.
Original copies of cargo documents are sent to buyer’s bank via courier on the instruction of the buyer.

8 Buyer concludes rechartering the vessel and sail to his POD.

(Meeting point for buyer, seller and person speaking with both captains has changed to PHC)