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CJW Holding International
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REBCO |
Commodity : Russian Origin Russian Export Blend Crude Oil (REBCO)
Quality :Standard as per Russian Export for Russian Blend Crude Oil
Quantity :1,000,000 Barrels +/- 5% Per Month for Twelve (12) consecutive months
Delivery :FOB Novorossiysk Port of Black Sea, Russia, by shipment not less than 438,000 Barrels (or 60,000MT equivalent) shipment to commence within 15 consecutive days from the acceptance date of the financial instrument or as per contract delivery schedule.
Price :To be calculated applying the agreed per delivered Per Barrels to the three days average, around Delivery date, FOB Black Sea port and quotations against REBCO as reported by URAL Mediterranean Platt?.
Discounts :Gross USD 1.40 per barrel delivered and Net USD 1.20 per barrel delivered.
Commissions Payment :USD 0.20 (United States Currency Cents Twenty Only) commission to be shared 50%:50% for Intermediaries Both Sides
Payment : In US Dollars assisted by an Irrevocable, Confirmed, Revolving Documentary LC issued by a Prime Bank. Banking costs shall be for each party's account. Text of the LC to be acceptable by the Seller stipulated in contract.
Inspection :At loading port, inspection to be performed by a mutually appointed internationally recognised surveyor company (SGS/ ITS-Caleb Brett or equivalent). Inspection to be carried-out conforming to the latest ASTM standards and procedures in force at the time. Inspection fees to be equally shared between Buyer and Seller.
Arbitration :Any dispute on this agreement should be resolved in amicably way first. If no agreement is reached then it should be brought for final settlement under the rules of Conciliation and Arbitration of the International Chamber of Commerce in London, England. The English law shall govern all matters relating to the performance and validity of this agreement.
Demurrage :As per contract, if any.
Lay can :Seller and Buyer agree to set-up five consecutive calendar days as lay can, which have to be confirmed at least ten working days prior to the commencement of the same. Delivery schedule to be agreed by the Parties and approved by the loading terminal(s).
Lay time :At the seller? nominated discharge terminal, to commence six hours after the acceptance of the NOR lodged by the ship? Master, and however in accordance to the customary practice in force at the discharge port.
General :This agreement incorporate all the provisions of the Incoterms for FOB established by the ICC Ed. 2000 with latest amendments. Force Majeure clause to apply in accordance to the customary practice in use in the Oil Industry and to the ICC rules.
Procedures
-- Upon Buyer's acceptance of this FCO, Buyer to issue Bank Pre Advise of L/C from Prime Bank via Swift to Seller's Bank.
-- Seller to submit and satisfy Buyer with related documents for cargo allocation confirmation through Bank-to-Bank correspondence and confirmation.In the interim, Seller and Buyer to exchange contract and to be signed and executed prior shipment.
-- Buyer's bank to open Operative LC within Three (3) International Banking Days upon execution of contract
-- 2% Performance Bond, Deliveries and Payment to take place in accordance with the executed contract.
Buyer's mandate and end buyer, please write in for FCO. No long broker chain please.
* Price is subject to change without notice.
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