1.BUYER & SELLER SIGN AND SEAL SALES & PURCHASE AGREEMENT (SPA). ELECTRONICALLY SIGNED COPY OF THE SPA IS LEGALLY BINDING AND LAWFULLY ENFORCEABLE. BOTH PARTIES LODGE THE FULLY EXECUTED SPA WITH THEIR RESPECTIVE BANKS. BUYER SENDS SIGNED SPA WITH FULL DETAILS OF BUYER AND BUYER BANKING DETAILS.
2. BUYER WITHIN 24 HOURS, SIGNS, SEALS AND SENDS THE CONTRACT / SPA INCLUDING BANKING COORDINATES.
3. UPON REQUEST FROM BUYERS BANKER TO SELLER'S BANKER, SELLER WILL RELEASE TO THE BUYER (BANK TO BANK) Q88 AND A LETTER FROM THE VESSEL OWNER / OPERATOR / HANDLER FOREIGN HOME OFFICE STATING THAT THE VESSEL IS LOADED AND RECHARTERABLE FOR VERIFICATION.
4. UPON POSITIVE VERIFICATION OF THE DOCS LISTED IN (3) ABOVE, BUYER BANK WILL ISSUE AN MT 199 TEXT MESSAGE (OR AN RWA) TO THE SELLER SHOWING FINANCIAL CAPABILITY AND RELEASE MATB FORMAT WITH DETAILS OF HARBOR MASTER, SHIPPING AGENCY, INSPECTION COMPANY AND SUPERCARGO TEAM NAME AND ID DETAILS
5. NOR SENT
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