No. 17 Finima Ave., LNG rd., Bonny Island, Rivers-State, Nigeria
freight on board
CRUDE OIL CONTRACT
CONTRACT FOR THE SALES AND PURCHASE
OF NIGERIA BONNY LIGHT CRUDE OIL
IS MADE AND ENTERED INTO
BY AND BETWEEN
HABIB TRADING KONSALT (H.T.K)
NO. 17 FINIMA AVENUE, LNG ROAD, BONNY ISLAND
RIVERS STATE, NIGERIA
[HEREINAFTER CALLED THE SELLER]
|COMPANY: | | |ADDRESS: | | |REPESENTED BY: | | |TITLE: | |
HEREINAFTER CALLED THE BUYER]
CONTRACT FOR SALES AND PURCHASE AGREEMENT
1 FOR NIGERIA BLEND CRUDE OIL
THIS CONTRACT AGREEMENT MADE ON
THIS 10TH DAY OF JANUARY, 2013.
SELLERS COMPANY NAME: HABIB TRADING KONSALT (H.T.K)
The company incorporated under the laws of the Company registered under the laws of Federal Republic of Nigeria / Lebanon, hereinafter called the “SELLER”, which expression where the context so admits, shall include their personal representatives, Heirs, Successors-In Title and Assign on the one part:
BUYERS COMPANY NAME:
The company incorporated under the laws of the Company registered under the laws of the, hereinafter called the “BUYER” which expression where the context so admits, shall include their personal representatives, Heirs, Successors-In Title and Assign on the other part.
WHEREAS The Seller with full authority, hereby agrees to supply and deliver the herein mentioned crude oil and fulfill all the requirements referenced to herein and shall provide the referenced crude under the terms and conditions and at the time so agreed by both Parties.
WHEREAS The Seller makes an irrevocable and firm commitment to sell and deliver and the Buyer also makes an irrevocable and firm commitment to purchase and take delivery of the said product
Except where the context otherwise indicates, the following terms shall have the meaning as described to them in this paragraph 1, and shall include plural as well as singular.
NNPC:Shall mean Nigerian National Petroleum Corporation.
API: Shall mean American Petroleum Institute.
ASTM: Shall mean American Society for Testing and Materials.
Commodity:Shall mean and refers to as being Nigerian Light Crude Oil, elsewhere in this Agreement referred to as Product which specifications are detailed herein.
Agreement:Shall mean the Crude Oil Sales / Purchase Contract of which these specific provisions agreed between Buyer and Seller form the conditions of Sales and Purchase.
Barrel: Shall mean a volume of forty-two (42) US gallons corrected for temperature to (60) degrees Fahrenheit.
Cargo: shall mean any particular quantity of the oil loaded into vessel as set out in this agreement includes Part Cargo.
Day: Shall mean calendar day
Loading Port: Shall, in respect of a cargo, mean the port(s) nominated by Seller for loading of such cargo in accordance with the agreement.
Dollars or USD:Shall mean dollars of the United States of America.
Grade: Shall mean any grade of the oil specified in the agreement.
Lay Time: Shall have the meaning as that given to it in paragraph 13 of this agreement.
Month: Shall mean a calendar month.
Oil: Shall mean Nigeria Light Crude Oil specified in this agreement....