PURCHASE PROCEDURE TTO
1. Seller and buyer execute this contract and lodge the hard copies of the contract with their Respective banks.
2. Within 7(seven) banking days Buyer releases an irrevocable,confirmation,and Non-operative Letter of credit(LC will not become operative until the completion of a successful SGS report or equivalent)covering the value of the total contractual number of barrels of BLCO to the Seller? bank and it is confirmed that the Buyer has taken control of the ship.
3.  Seller shall be responsible for the necessary security fee to the Nigerian Navy to escort feeder vessel to international (safe) waters,40 NM outside Nigeria waters, all shipping documents for the product under the contract shall be issued in the buyer? name.
4. within 7 banking days after the confirmation of buyer Letter of Credit, Seller must authorize his Vessel master to receive the Buyer? inspectors for a Q & Q. .
5. Buyer conducts his own Quality and Quantity Inspection, in the international waters, using his own nominated inspection (SGS) agent. Copy of the Q & Q report is issued to Buyer and Seller simultaneously.
6. Seller issues his invoice based on inspector? report.
7. Seller delivers original Shipping documents as listed in the contract to Buyer and Buyer? bank to effect payment.
DOCUMENTS
a. Master Receipt
b. Certificate of Origin
c. Bill of lading
d. Commercial invoice
e. Certificate of Quality
f. Certificate of Quantity

8. Seller releases to Buyer vessel detail for Buyer to commence negotiations with vessel handlers for the takeover, and Buyer puts in freight for the loaded vessels and obtains the charter Party Agreements in buyer? name.

9. within 3 (three) days after the Buyer receives the original shipping documents, Buyer? bank/Buyer pays via Swift Code for the crude oil.
10. Buyer? vessel sails to his/her preferred destination after all payments have been released to all nominated bank accounts.