THIS CONTRACT AGREEMENT IS MADE THIS 1ST FEBRUARY, 2018

BETWEEN

BENNY – JOY INTEGRATED VENTURES

LIMITED
(HEREINAFTER REFERRED TO AS THE PRINCIPAL MARKETER)

AND

……………………………………………………………..
IKORO EZE
PRINCIPAL AGENT/NEGOTIATOR
It’s, subsidiaries, affiliates and/or assigns with its principal registered
office located as above
(Hereinafter referred to as the “BUYER”)

WHEREAS: the supplier makes an irrevocable and firm

commitment to source and supply and the buyer also makes an
irrevocable and firm commitment to purchase and take delivery
of the said product.

WHEREAS: the buyer and the supplier are desirous to supply and
purchase respectively the said product under the terms and
conditions contained herein in the agreement.

Therefore, for and in consideration of the promises, mutual

covenants and agreement herein contained, supplier and buyer
contract as follows:

SELLER BUYER
ARTICLE 1: QUALITY AND GRADE
1.1 The quality of this product shall be the NNPC grades of
AUTOMOTIVE GAS OIL (AGO). An independent inspection
company appointed by the Buyer shall conduct the ANALYSIS as
to quantity and quality.

ARTICLE 2: QUANTITY
2.1 The quantity to be transshipped is 10,000MT. Both parties
accept a variation in quantity of +/-5% on each delivery.

ARTICLE 3: PRODUCT QUALITY AND SPECIFICATION

3.1 The quality of the product to be supplied under this
agreement shall be the normal standard specification NNPC
for AGO.

ARTICLE 4: DURATION / TIME PERIODS

4.1 The parties agree that the total delivery shall be completed
within 7 working days from the date BUYER’s INSTRUMENT
IS CONFIRMED.

ARTICLE 5: TANK FARM DELIVERY

5.1 The buyer will be responsible for all charges, handling fees,
demurrage, customs, security and all other charges as from
the time of seller's vessel reaches the buyer's tankfarm.

ARTICLES 6: QUALITY AND QUANTITY INSPECTION

6.1 Sampling or testing of each cargo for quality shall be
carried out by buyer’s appointed Inspector/Agents at the
point of discharge while the buyer shall be responsible for
the cost of inspection services carried out on its behalf.

ARTICLE 7: PRICING; the price can be denominated in USD

OR PRICE PER LITRE in NGN 148.00K less N2.00K. Net to
Seller is 146.00K and N1.00K each for seller’s side facilitators
and buyer side facilitators..

SELLER BUYER
ARTICLE 8: MODE OF PAYMENT

Final payment is to be made by SWIFT KTT Electronic Transfer.

Payment for the product shall be made by SWIFT to the seller for
total value of the shipment. All charges at the point of loading
are the responsibilities of the seller, whereas all bank charges
will be Buyer’s responsibility.

ARTICLE 10: PROCEDURE:

1. Buyer signs spa and deposits in their respective banks. The

signed contract is considered legally binding and enforceable by
law.
2. Buyer's bank issues an IBPU or BPG to seller with the seller's
verbiage
3. Seller within 48hrs of the receipt and confirmation of the IBPU
or BPG issues nor/eta to buyer's tankfarm.
4. Buyer's Tankfarm confirms their readiness and willingness to
receive cargo.
5. Seller vessel sails to calabar waters and announced her
arrivals in calabar waters, thereafter buyer's pay for inward
Clarence before the vessel sail tankfarm jetty and issues ATB to
buyer's inspection team and boards them for QnQ analyses.
6. Upon QnQ result, buyer pays to seller nominated account and
vessel discharges. Documents given to buyer.
7. Vessel sails out.

ARTCLE 13: FORCE MAJEURE

13.1 Neither the seller nor the buyer in this agreement shall be
liable for any breach, delay and failure in performance or
any obligation, herein except as regards this payment or
money already due and payable of performance has been
hindered, interfered with, or limited by reason of any causes
beyond control of the party o affected. The express “Clause

SELLER BUYER
 beyond control of the party so affected” shall be deemed to
include, for example, act of war, act of God, strikes,
boycott, civil unrest lockout, and commotion. Navigation
problems of any substantial casualty to the performance of
the contract.

ARTICLE 14: NON – CIRCUMVENTION AND NON-DISCLOSURE

14.1 The parties irrevocably agree not to circumvent, avoid or by
pass.
14.2 Both parties agree that any dissemination or
communication of information required or allowed to be
forwarded to either party shall be in writing (English
Language)
14.3 Any of the parties, without prejudice to 14 above, reserves
the right to terminate this agreement by notice in writing to
the other party within Eighteen (18) hours o f a proven ground
or breach to any fundamental part of this agreement

TITLE AND RISK OR LOSS

The right owner of the product and all risk including accidental loss or
damage shall pass from the seller to buyer at the time when the
product has passed the vessel’s permanent at the port of discharge.

ARTICLE 15: PAYMENT SCHEDULE

SELLER’S BANKING DETAILS TO RECEIVEN146.00k/LTR

B A N K A D D R E S S A L E SA E L E M E , R I V E R S S TAT E .

A C C O U N T N A M E BENNY-JOY GLOBAL INTEGRATED VENTURES LIMITED.

A C C O U N T N U M B E R S 1 0 1 6 2 9 0 1 3 9

S O R T C O D E . T B A .

A C C O U N T O F F I C E R C H A R L E S A

B A N K A D D R E S S A L E SA E L E M E , R I V E R S S TAT E .

SELLER BUYER
SELLER MANDATE TO RECEIVE N1.00k PER LITRE mou
B A N K N A M E U B A P L C .

BANK ADDRESS A L E S A E L E M E , R I V E R S S T A T E .

ACCOUNT NAME B E N N Y- J OY G L O B A L I N T E G R AT E D V E N T U R E S L I M I T E D.

ACCOUNT NUMBERS 1 0 1 6 2 9 0 1 3 9

S O R T C O D E . T B A .

ACCOUNT OFFICER C H A R L E S A

BUYER'S BANKING DETAILS TO PAY N137.00K/LTR

B A N K N A M E

BANK ADDRESS

ACCOUNT NUMBERS

BUYER’S FACILITATOR BANKING DETAILS TO RECEIVE N1.00 P/LTR

B A N K N A M E

B A N K A D D R E S S

A C C O U N T N A M E
ACCOUNT NUMBER

ACCOUNT OFFICER

B A N K

LEGAL REFERENCE OF PARTIES:

SELLER:

SELLER BUYER
BENNY – JOY INTEGRATED VENTURES LIMITED

REPRESENTED BY: ENGR MARSHAL UMAH

POSITION: MANAGING DIRECTOR.

SIGNATURE/SEAL:

DATE: 23RD, November, 2016

FOR AND ON BEHALF BUYER:

BUYER:

Corporate Stamp & Seal Date:

For and On Behalf of the BUYER:

IName:

Designation:

1. TRANSACTION CODE

END OF CONTRACT

SELLER BUYER