image2

Searching for a specific term?

On PC, hold down 'Control' and 'F', then enter your desired term.

On a Mac, hit 'Command' and 'F' and search for the term desired in the box that appears.

ACRONYMS & DEFINITIONS OF KEYWORDS IN CONTRACT PROCEDURES:

FOB

Free on Board

TTO

Tanker Take Over

CIF

Cost Insurance & Frieght

TTT

Tanker-to-Tanker Trans-shipment

API

www.api.org
American Petroleum Institute

NNPC

http://nnpcgroup.com/
Nigerian National Petroleum Corporation

ASTM

https://www.astm.org/
American Society for Testing and Minerals

Platts

www.platts.com

the organization internationally recognized and accepted who publish official market prices of petroleum products on a daily basis

ICC

https://iccwbo.org/
International Chamber of Commerce

FPC

 Full Banking Coordinates 

FCO

Full Coroporate Offer

ICPO

 Irrevocable Corporate Purchase Order 

POP

Proof of Product

SPA

 Sales and Purchase Agreement

POF

Proof of Funds

BCL

Bank Comfort Letter

NLCO

Nigerian Light Crude Oil  

BLCO

Bonny Light Crude Oil

DLC

 Documentary Letter of Credit 

BG

Bank Guarantee

Q&Q

Quantity and Quality

LOI

Letter of Intent

ATB

 Authority To Board  

NOR

 Notice Of Readiness

ETA

 Estimated Time of Arrival

NCNDA

 Non-Circumvention, Non-Disclosure & working Agreement 

IMFPA

Irrevocable Master Fee Protection Agreement

CPA

 Charter Party Agreement 

CVPA

 Charter & Voyage Party Agreement

BOL

 Bill Of Lading

ATL

Authority To Load

POD

 Port Of Discharge

ATS

 Authority To Sell

Day

calendar day

Month

calendar month

Year

calendar year commencing on the first (1st) of January

Quarter

 a period of the three (3) consecutive months commencing on first (1st) January, or first (1st) April or first (1st) July or first (1st) October

Loading Date

the date mutually accepted by both the SELLER and the BUYER as the date on which the nominated international Surveyor Company has ascertained the quantity and quality of the product pumped into the Buyer's designated vessel.

Execution Date

 the date on which the SELLER and the BUYER receive their respective faxed copies of this agreement, or as may be indicated otherwise in The Agreement. 

Cargo

any particular quantity of a cargo mean the final disconnection of vessel's discharge hose(s) following the discharge therof

Part Cargo

goods which do not represent the entire cargo

Port Cargo

 when  a  cargo  is  discharged  in  more  than one Discharge Port or received by more than one receiver at the Discharge Port

Gallon

 A unit of volume equivalent to 231 cubic inches or 0.3785 cubic meters, all measured at 60 degrees Fahrenheit

Barrel

 all measured at 60 degrees Fahrenheit

Metric Ton

A unit of weight equal to one-thousand (1000) Kilograms or 7.57 Barrels, all measured at 60 degrees Fahrenheit

Oil

crude oil specified in the agreement 

Vessel

the ship whether owned or chartered or otherwise obtained by seller and employed by seller to ship the oil to the discharge port

Grade

Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.the quality of the oil specified in the agreement

Transshipment

the transfer of oil from one vessel to another vessel

Discharge Port

in respect of a cargo, is the port(s) nominated by buyer and accepted by seller for discharge of such cargo in accordance with the agreement

Completion of Discharge

in respect of a cargo, is the final disconnection of vessel's discharge hose(s) following the discharge thereof

API/ASTM

standards referenced to this Agreement are those in effect as at July 1st 1993. In the event that such Standards are subsequently revised or modified or new standards are issued, the new revised or modified standards will apply. Each party must advise the other party to this Agreement, within three (3) months after such revision, new or modified Standards are introduced and until such this standards shall be used

Affiliate

any company or corporation of seller or buyer which owns directly or indirectly fifty (50) percent or more of the shares carrying voting rights of such party (party company) and any company or corporation other than such party of which such parent company or such party owns directly or indirectly fifty percent or more of the shares carrying voting rights 

Commodity

being Nigerian Light Crude Oil, elsewhere in the agreement also referred to as Nigerian Light, which Specifications, as specified by NNPC will be furnished by the SELLER and added as Appendix' “A' to this contract agreement.

'Dollars', or' 'USD', or 'US Dollars'

United States Dollars

Bill of Lading

The official document, issued at the load port after completion of the loading operations, stating, among other things, the ship's loaded quality, expressed in Cubic Meters (M3) and in Metric Tons (MT) or barrels per the definitions herein. This document has to be signed in original by the ship's Master and made out in accordance with the instruction hereinafter specified in the agreement

Still have questions?!

Feel free to email us anytime at office@solrud.com

Or call 1-604-715-2234 between 07:00-16:00 PST