abstract

Topics: Contract, Nigeria, Central Bank of Nigeria Pages: 9 (1954 words) Published: May 30, 2014
FLUDAZO NIGERIA LIMITED
SALES / PURCHASE AGREEMENT/CONTRACT
LPFO BLACK OIL” (10,000,000MT)
SPA FOR 10,000,000MTS

TRANSACTION CODE:

PROOF OF PRODUCT
 
1. PROOF OF PRODUCT/ALLOCATION REF: NO: PR:0345,
2. NEPC: EX0004641 NNPC CERT: NNPC/SEC.146.
3. BULK APPROVED MPR REF NO: DPR/DS/CTO/2018/VOL.91/077 4. TRANSACTION CODE: FL/NNPC/21212
5. COMMODITY: NIGERIA LOW POUR FUEL OIL BULK ALLOCATION 10,000,000 M/TONS OR MORE.

THIS CONTRACT AGREEMENT MADE ON THIS 29TH APRIL, 2013

SELLER’S COMPANY NAME: FLUDAZO NIGERIA LIMITED.
The company incorporated under the laws of the Company registered under the laws of Republic of Nigeria, (herein referred to as “THE SELLER”) which expression shall where the context to admits include its Legal Representatives, Heirs, Executors, Administrators and any person or persons deriving title under it on the part.

AND

BUYER’S COMPANY NAME:
The company incorporated under the laws of the Company registered under the laws of United Kingdom, (herein after referred to as “THE BUYER”) which expression shall where the context so admit include his Executors, Administrators, Legal Representatives and any person or persons deriving title under it on the other part..

PROMISES:

WHEREAS:
1. THE SELLER is the beneficial owner of the Allocation paper in respect of the transaction of the 10,000,000 metric tons and above of LPFO product awarded by the NNPC/PPMC. 2. The BUYER is desirous and has agreed to buy the 10,000,000 metric tons and above of Low pour fuel (LPFO).

THE PARTIES HEREBY AGREED AS FOLLOWS:
A. The SELLER has valid allocation and will sell the Allocation of 10,000,000 metric tons and above of LPFO to the buyer B. The premium and commission on this product is N75.00 per liter and is distributed as follows The Price shall be in Nigerian Naira #76.00 per Ltr. Less #4.00 Gross Net: N67.00

Project Cordinators N 4.00

Sellers Agent/ Facilitator: N 2.00
Buyer’s Agent/ Facilitator: N 2.00
Link Consultants: N 1,00

Commissions:
Buyer to pay brokers according to the information provided in this contract #2.00 to each side of the agents

PAYMENT PROCEDURE

3.PROCEDURES
Buyer & Seller Signs & Seals Contract and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable, Buyer provide POF CONFIRMING READINESS TO PAY ON SPOT OR WRITING IN CAPABILITY LETTER.

Buyer sights hard copy seller provides soft copies of the allocation paper for Buyer’s verification, 

Upon positive verification, Buyer pays the seller, the mandates, the facilitators and transaction consultants accordingly with the bank coordinates in this contract.

Buyer pays for the Allocation & All Commissions in this Contract Agreement to all concerned.

After confirmation of payment by all concerned Sellers Bank releases documents to the Buyer’s Bank and all the Allocation paper must be changed to Buyer’s name, the Buyer and the Seller must work it out/ together.

4). PENALTY.

4.1Both Parties having understood all the terms and conditions of this sale and purchase contract agree to honor all the clauses and privileges, rights and immunities contained therein. Each copy of this contract agreement will be signed, presented and sent to the seller and Buyer's bank. In case of failure to honor any of the clauses, privileges and rights by either the buyer or the seller, the defaulting party agrees to reimburse the other party the full cost of his performance as One Million Dollar ($1m) or One Hundred Million Naira (N100m) at the time of the breach, without prejudice to other remedies available at law or equity.

5). APPLICATION OF LAW.
5.1.Any dispute arising during the execution of this contract shall be settled amicably. If the parties fail to do so, they accept as final decision...
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