SALES AND PURCHASE AGREEMENT NIGERIAN BONNY LIGHT CRUDE OIL ON TTO DELIVERY

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1、SALESANDPURCHASEAGREEMENTNIGERIANBONNYLIGHTCRUDEOILONTTODELIVERYThisContractismadebetweenthefollowingParties:FYMAKMARINE&OILSERVICESNIGERIALIMITEDHereinaftercalledtheseller,whichexpressionshallwherethecontextsoadmits,includeitsheirs,successors-in-titleandassigns,ontheonepart.ANDHereinaftercalledt

2、hebuyer,whichexpressionshallwherethecontextsoadmits,includeitsheirs,successors-in-titleandassigns,ontheotherpart.INDEX1.Definitions2.Recitals3.Theproduct4.Quantity5.Quality6.Measurement&Samples7.DeliveryTerms8.TitleandRiskofLoss9.Price,CreditPeriod&Currency10.PaymentTerms11.Loading&DischargePort1

3、2.VesselNominations&Shipment13.LaytimeandDemurrage14.Warranties15.Documents16.Taxes,DutiesandCharges17.ForceMajeure18.Liability&PenaltyANNEXURES“A”IRREVOCABLEMASTERFEEPROTECTIONAGREEMENT“B”BANKGUARANTEEACCEPTABLEFORMATxviiiSellerBuyer1.DefinitionsExceptwherethecontextotherwiseindicates,thefollowi

4、ngtermsshallhavethemeaningasdescribedtotheminthisclauseofdefinitions,andshallincludepluralaswellassingular.Affiliate:shallmeananycompanyorcorporationofSellerorBuyerwhichownsdirectlyorindirectlyfifty(50)percentormoreofthesharescarryingvotingrightsofsuchparty(partycompany)andanycompanyorcorporation

5、otherthansuchpartyofwhichsuchparentcompanyorsuchpartyownsdirectlyorindirectlyfifty(50)percentormoreofthesharescarryingvotingrights.Agreement:shallmeantheCrudeOilSalesandPurchaseContractAgreementofwhichthesespecificprovisionsagreedbetweenBuyerandSellerformstheconditionsofSalesandPurchase.API:shall

6、meanAmericanPetroleumInstitute.ASTM:shallmeanAmericanSocietyforTestingandMaterials.BLCO:BonnyLightCrudeOil.BillofLading:Theofficialdocument,issuedattheloadportaftercompletionoftheloadingoperationsstatingamongotherthingstheship’sloadedquantity,expressedinCubicMetres(M3)andinMetricTons(MT)orbarrels

7、perthedefinitionherein.Thisdocumenthastobesignedinoriginalbytheship’sMasterandmadeoutinaccordancewiththeinstructionhereinafterspecifiedintheagreement.Barrel:shallmeanavolumeofforty-two(42)USgallonscorrectedfortemperatu