Petroleum

(2.) buyer upon agreeing on the above, request for seller's draft contract, signs, seals & return back to seller in pdf format. Deposit same in their respective banks, soft copies of signed contract is legally binding & legally enforceable by both parties. Hard copies are exchanged by speed-post (dhl, fedex, ups) & exchanged signed
Contract confirmed by both buyer’s bank & seller’s bank secured account officer’s email.
(3) within three days of receipt of the executed contract, buyer's bank issues non-operative stand-by letter of credit (confirmable, divisible & transferable, covering expected total cost of cargo) through swift mt760 from any top 50 banks worldwide to seller’s bank. Upon confirming the swift & receiving the swift confirmation slip from buyer/issuing bank, seller's bank immediately swifts mt199 of 2% pb directly into buyer's bank on behalf of seller. Upon confirming
The seller's 2% pb in buyer's account, buyer's bank immediately swifts fullyoperative sblc through swift mt760 to seller's bank account (finnacial partner).

(4) the seller within 5 banking days, confirms acceptance of buyer’s sblc, nominates vessel of which capacity depends on buyer's required quantity & amount of sblc placed. Seller then provides the electronic copies of the aspatankvoy charter party agreement & vessel details to the buyer. Upon acceptance of the nominated vessel by both seller & buyer. Seller pays & place charter on the nominated vessel: type of charter may be voyage or time charter