Millenial Global Concept (MGC) is well known with providing Vessel Forsale, Chartering and Equipment Leasing Services to our Clients in the Oil Industry. The agreement between the parties is called Charter Party Agreement. Buyer/Chatterer writes Letter of Intent for purchase of Vessel and Charterer fill our Vessel Chartering request form
Procedures are the terms and conditions of agreement between the Seller and the Buyer for the delivery of product to the Buyer. Sales and Purchase Agreement (SPA) otherwise called the Contract contains the Procedure, delivery terms and conditions of sales, discount price, banking coordinates of Parties and governing laws. The Sales and Purchase Agreement is prepared and pre-signed by the Seller and Buyer review before signing, the electronically signed Sales and Purchase Agreement become binding between both parties. Electronic Document Transmission (EDT) is legally binding and shall be governed and construed in accordance with the British and Nigerian Laws of the negotiated and fully executed contract and that all electronic signatures shall be accepted and considered as valid as hand signature in accordance with Directive 199/93/EC of the European Parliament. The delivery and payment procedures vary and it depends on the Buyer’s delivery request. The most demand delivery terms for Bonny Light Crude Oil are: