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    Spa For 40000 Metric Tonnes Ago

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    ABUBAKAR
    This Memorandum of Understanding is between HOMES INTEGRATED SERVICES LTD and an unnamed Buyer to supply 40,000 metric tons of AGO product. Key terms include a price of $500 per metric ton, with $470 going to the seller and $5 each to two agents and $10 to a consultant. Payment will be made in USD after quality and quantity inspection is completed in Ghana. The contract duration is 14 days for the shipment unless extended by both parties.

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    © All Rights Reserved
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    Spa For 40000 Metric Tonnes Ago

    Uploaded by

    ABUBAKAR
    953 views7 pages
    This Memorandum of Understanding is between HOMES INTEGRATED SERVICES LTD and an unnamed Buyer to supply 40,000 metric tons of AGO product. Key terms include a price of $500 per metric ton, with $470 going to the seller and $5 each to two agents and $10 to a consultant. Payment will be made in USD after quality and quantity inspection is completed in Ghana. The contract duration is 14 days for the shipment unless extended by both parties.

    Original Description:

    Sales purchase agreement

    Original Title

    SPA FOR 40000 METRIC TONNES AGO

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    © © All Rights Reserved

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    This Memorandum of Understanding is between HOMES INTEGRATED SERVICES LTD and an unnamed Buyer to supply 40,000 metric tons of AGO product. Key terms include a price of $500 per metric ton, with $470 going to the seller and $5 each to two agents and $10 to a consultant. Payment will be made in USD after quality and quantity inspection is completed in Ghana. The contract duration is 14 days for the shipment unless extended by both parties.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    953 views7 pages

    Spa For 40000 Metric Tonnes Ago

    Uploaded by

    ABUBAKAR
    This Memorandum of Understanding is between HOMES INTEGRATED SERVICES LTD and an unnamed Buyer to supply 40,000 metric tons of AGO product. Key terms include a price of $500 per metric ton, with $470 going to the seller and $5 each to two agents and $10 to a consultant. Payment will be made in USD after quality and quantity inspection is completed in Ghana. The contract duration is 14 days for the shipment unless extended by both parties.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 7

    MEMORANDUM OF UNDERSTANDING

    HOMES INTEGRATED SERVICES

    This Memorandum of Understanding is made between (Seller)....HOMES INTEGRETED SERVICES LTD.......


    .......,.
    a company duly organized and existing under the laws of Nigeria, having its registered office at ..........
    Nigeria. And
    “BUYER”

    WHEREAS,
    Buyer and Seller have entered into an Agreement dated 04, November, 2019. For the supplying and
    buying of (40K MT) Of AGO product

    NOW, THEREFORE, IT IS MUTUALLY UNDERSTOOD THE FOLLOWING:


    1. The Parties wish to engage in good faith negotiations concerning the Supply Agreement, with the
    mutual aim of reaching an agreement on the contractual text to be executed.
    2. The expected date of execution of the Supply Agreement of Oil product is within One to Two
    weeks after NOV 2019. The Parties commit to make their best efforts in order to meet such expectation.
    In any event, the expiry date of the Supply Agreement will be within a day ….November, 2019; thereafter
    the Supply Agreement shall automatically be renewed for subsequent periods of one (1) year, unless
    either Party gives the other not less than ninety (90) days’ notice of termination.

    • CLAUSE 1: SCOPE OF THE CONTRACT

    • The Seller and the Buyer, under full corporate authority and responsibility respectively represent that the
    Seller is a lawful owner of the commodity, in quantity and quality as hereunder specified, and the Buyer has the full
    capability to purchase the said commodity.
    • The Buyer desires to purchase (AGO “Product”) of Nigerian or imported Origin.
     The Seller has the independent capacity and ability to purchase the product from the Nigerian National Petroleum
    Corporation (NNPC) or its official lifters and re-sell same to the Buyer.
    • The Seller has accepted to procure the AGO from the appropriate authorities and re-sell same to the Buyer
    and the Buyer has accepted to take delivery of products from and make payments to the seller for ( AGO) received,
    in pursuance of the realizations of the objectives of this Agreement.
     
    • CLAUSE 2: QUANTITY

    • The total contractual quantity of the commodity sold and purchased under this Agreement is at least 40K
    MT, with a variation of +/-10% (plus/minus ten percent). Without prejudice to the foregoing, the Buyer shall accept
    any additional shipment/delivery of product should availability of products sustain such additional consignment.

    • CLAUSE 3: DELIVERY TERMS

    • The contracted quantity of at least 40K MT, +/-10% (plus/minus ten percent) per Supply at sellers’ option.
    • The delivery scheduled, commencing as quickly as possible upon mutual agreement Between the Buyer
    and the Seller on Signing MOU
     
    • CLAUSE 4: TIME PERIOD
     
    • The duration of this contract is for 14DAYS (or less ) for shipments of 40K MT/-10%, unless extended or
    by an agreement by both parties.
    • Lifting shall commence within at least 1(one) calendar day of execution of this contract and placement of
    banking instruments (Bank guarantee) in favour of the Seller.
     
    • CLAUSE 5: QUALITY

    The Seller guarantees that the quality of the product sold will conform to the guaranteed specifications of ........., as
    noted in Appendix “A” of this agreement.
     
    • CLAUSE 6: PRICE
     
    • The price of each Tons of (AGO) loaded shall be Gross$500/10 per MT
    $470 to seller, $5.00 to seller agent ,$5.00 to buyers agent, and $10.00 to Consultant.

    I
    • The price referred to throughout this Agreement to be paid in Naira and is fixed for the duration 7-10 Days
    of Supply as to this Agreement.

    • CLAUSE 7: PAYMENT:

    Payment in USD to be made AFTER QNQ.

    PROCEDURES FOR MARINEAGO:

    1. Seller forwards Seller-signed SPA to Buyer to sign and seal Sales Purchase Agreement
    (SPA) with full Buyer’s Banking Co-ordinates. The electronic copy of the signed SPA is
    deemed legally binding and enforceable and parties deposit copy of electronic signed SPA
    with their respective Banks.

    2. Buyer returns the signed SPA with Buyer’s NOR/ATB Format; Harbor Master’s
    Information, scanned copy of Supercargo’s and Inspector’s ID/PP.

    4. Buyer’s Bank releases BLOCKED FUND OF $500,000(FIVE HUNDRED THOUSAND


    DOLLARS) OR N100,000.00 (ONE HUNDRED MILLION NAIRA) inFavor of Seller’s
    Nominated Account to move loaded vessel to GHANA INTERNATIONAL WATERS and
    a Copy of the BLOCK FUND DETAILS is forwarded to Seller for follow-up action with
    Terminal.

    5.Upon confirmation of Buyer’s BLOCK FUND by Seller’s Fiduciary Account, Seller’s


    Fiduciary Account Officer confirms to Seller who secures Logistics and SELLER/NNPC
    instructs loaded vessel‘s Master to issue NOR/ETA according to buyer’s nor format and
    move vessel to 12 NM to TEMA GHANA WATERS Vessel Master announces
    arrival(NOA—NOTICE OF ARRIVAL) to Harbor Master and issues Marine Authority
    To Board (MATB/CLEARANCE) to BUYER to board Buyer’s Details
    (Supercargo/Inspector) for Q&Q Inspection and Analysis within 48 hrs.
    6.Buyer’s boarding team boards at Buyer’s expense and Supercargo confirms Product ,
    Attestation Letter is issued from Vessel Captain’s e-mail domain, signed by Supercargo
    with Supercargo’s scanned ID attached to all e-mails on the ATB Format, Inspector draws
    samples for Q&Q Analysis and disembarks to completes his calibration while Supercargo
    remains on board the loaded vessel until final payment. (THE $500,000.00)or #100,
    000,000.00 IS RELEASED TO SELLER BY SWIFT BY BUYER’S BANK Upon successful
    completion of Q&Q result . Buyer’s Inspector provides the Q&Q Report to Seller/Buyer
    and their Banks. Within 72hours of Q&Q Report places MT103 TO SELLER FOR THE
    total CARGO payment to Seller’s Nominated Account.

    7. Seller facilitates the recharger of vessel by linking Buyer to the vessel handlers to
    possess the cargo and Buyer pays the cost of chartering the said vessel. Copies of all
    Original cargo documents are made in the name of Buyer or Buyer‘s Nominated name and
    released to Buyer’s Bank together with Seller’s Commercial Invoice for payment..

    8. Within 72 hours of Q&Q Report submitted to both Banks, Buyer’s Bank effects Final
    payment via Swift Wire Transfer simultaneously to Seller’s Nominated Account for the full
    cargo value and commissions to all Nominated Intermediaries Accounts in the SPA less
    ($500,000.00) OR #100,000,000:00 for Logistics fee as Part payment. Payment is based on
    Out-Tonne Barrels of Q&Q Report.

    9. Seller/Seller’s Bank confirms payment to all Accounts and Seller hands over all Non-
    negotiable original cargo documents in Buyer’s name to Buyer together with the Warranty
    of title.

    10. Vessel sails to Port of discharge.

    11. Extention:This Agreement may be extended by mutual agreement in writing to cover


    additional supplies of the crude oil for quantity and duration acceptable to all parties. Any
    additional supply is to be agreed between the parties prior to the termination of this
    Agreemen.
    • CLAUSE 9: DELIVERY
            
    • The Seller warrants performing delivery of the transacted commodity, on Delivery. basis.
    • In accordance with the set out conditions and provisions herein, the Seller and the Buyer hereby
    acknowledge covenant that the delivery of the loaded trucks shall be at least 40,000Litres each.

    • CLAUSE 10: INSPECTION – QUANTITY & QUALITY DETERMINATION

    • The Parties mutually agree that an Independent Surveyor shall be appointed at the designated T.T.O. point
    to assess the quality and quantity of the cargo according to the provisions herein stated. The Buyer will pay the
    inspection fee as per the surveyor’s invoice.
    • The quality of each Tanker of oil shall be assessed by the surveyor at the loading port  on completion of the
    loading operation on the basis of shore figures. This assessed quantity shall be used for computing the amount to be
    paid to the seller, applying the price as per Annex” A” “Payment Terms” in the contract.

    Note: Sellers Bank will receive a total Some of N176liter and N3 will be paid to the mandate and agent of the seller
    and mandate of the buyeras attached bellow.
    BANKING CO-ORDINATES:

    Seller Fiduciary Account To Receive Final Payment and Logistic.


    BANK NAME: FCMB
    BANK ADDRESS: ABAK ROAD. UYO AKWA IBOM
    ACCOUNT NAME: HOMES INTEGRATED SERVICES LIMITED
    ACCOUNT NUMBER: 1864100023 USD
    BANK SORT CODE 214010080
    ACC.OFFR E-MAIL [email protected]
    BANK OFFICER: GLORYSTEPHEN08030464387

    CONSULTANTBANKINGCO-ORDINATESTORECIEVE$5.00CENT/MT
    BankName GTBBANK

    BankAddress 69YAKUBUGAWONCRESCENTASOKOROABUJA

    AccountName TRIPPLEA&TEESERVICEVENTURES

    AccountNumber 0236768528

    SORTCODE 058083956

    SWIFTCODE GTBINGLA

    CONSULTANTBANKINGCO-ORDINATESTORECIEVE$5.00CENT/MT
    BANKNAME DIAMONDBANKPLC

    ADDRESS ELEGANZERPLAZAAPAPA

    ACCOUNTNAME KINGBELLAINTEGRATEDSERVICESLIMITED

    ACCOUNT NUMBER DOLLAR 0088149294

    ACCOUNTNUMBER NAIRA 0079788255

    Required Message FUNDSARECLEANANDCLEAR,OFNON-


    CRIMINALORIGINANDAREPAYABLEINCASHIMMEDIATELYUPONRECEI
    PTBYBENEFICIARY'SBANK.THEBENEFICIARYISKNOWNBYTHEREMITT
    ERANDTHISREMITTANCEISDELIVEREDWITHOUTRECOURSE

    SELLER MANDATE/AGENT BANKING CO-ORDINATES TO RECEIVE $5.00CENT/MT (MOU IN


    PLACE)
    BANK NAME STANBIC IBTC BANK
    ADDRESS: MAITAMA BRANCH FCT ABUJA
    A/C NAME AN-NAEM NILE SKY SYNERGY VENTURES
    A/C NUMBER: 0016605418 USD
    SWIFT CODE: SBICNGLX
    A/C OFFICER: BM

    Currency Transaction
    NOTE: NO ALTERATION OF ANY KIND ON THE ABOVE
    ACCOUNT DETAILS OTHER WISE THERE WILL BE NO
    DEAL.

    BUYER'S BANKING CO-ORDINATE TO PAY $500/10


    MT
    BANK
    ADDRESS
    SWIFT CODE
    SORT CODE
    ROUTING NUMBER
    DOLLAR ACC. NO.
    NAIRA ACC. NO.
    BENEFICIARY NAME
    BENEFICIARY EMAIL
    ACCOUNT OFFICER EMAIL

    BUYER’S TRANSACTION HANDLER BANKING CO-ORDINATES TO


    RECEIVE$4.00 CENT/MT ON MOU
    BANK
    BANK ADDRESS
    ACCOUNT NAME
    ACCOUNT NUMBER
    ACCOUNT OFFICER

    BUYER'S AGENTS/FACILITATORS BANKING CO-ORDINATES TO


    RECEIVE $1.00 CENT/MT ON MOU
    RECEIVING BANK NAME
    BANK ADDRESS
    ACCOUNT NAME
    ACCOUNT NO
    SORT CODE
    ACCOUNT OFFICER’S NAME
    BANK OFFICER’ E MAIL:
    SWIFT CODE

    Position:
    Seller signature:
    Represented by
    Position:

    This Agreement is made this,


    O n b e h a l f o f
    S E L L E R :

    HOMES INTEGRETED
    SERVICES LTD.,

    Name: PRINCEWILL
    ARCHIBONG
    Title:
    M/D
    Date: 26/10/2019

    O n b e h a l f o f
    B U Y E R :

    Name:

    Title:
    Date: 26/10/2019

    END OF CONTRACT

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