- 1 十年前最愛解答
The payment for the commodity shall be made by Documentary Letter of Credit (DLC), irrevocable, confirmed, Non-Transferable, auto-revolving, payable at sight against shipping documents from the Prime Bank and acceptable by the Seller’s bank.
In case the mode of payment is by Standby Letter of Credit, Bank Undertaking Letter or Banker’s Guarantee, the payment will be made within 7 banking days by direct transfer to the Seller’s account against shipping documents.
Face value of the bank instrument shall be sufficient to cover the amount in USD (US Dollars) as determined and set forth under the “Term of Payment” incorporated herein by this reference.
Delivery (CIF) shall be to the Buyer’s discharge port as per clause 6 within 45 (Forty Five) days after the Buyer’s opening of the relative Documentary letter of credit.
The Buyer issue to the Seller within 7 (Seven) days after signing of this contract the Pre-Advice Documentary Letter of Credit (DLC), irrevocable, confirmed, Non-Transferable, auto-revolving, payable at sight against shipping documents from the Prime Bank acceptable by the Seller’s bank for value of each shipment of the commodity.
The Seller will provide the Buyer with the Pre-Proof of Possession of the commodity (Bank Confirmation).
Seller issue operative 2% (Two Percent) Performance Bond to Buyer within 7 days after receiving the Pre-Advice DLC.
Buyer’s operative Performance Bond shall then automatically activate Seller’s Pre-Advice Documentary Letter of Credit to become operative.
Seller will nominate vessels, load and advice ETA to Buyer.
Seller will provide the full shipping documents stated in Clause 10 hereof and the Seller will transfer the ownership of the commodity to the Buyer.
Buyer will make payment after receiving of all shipping documents stated in Clause 10 hereof for each shipment within 7 days after discharge and CIQ certified.
Shipment will start according to conditions of the contract and according to agreed schedule.
Each party hereto will bear its respective banking costs / charges.
Performance Bond will be provided by the Seller to the Buyer in the amount of 2% (Two Percent) of each shipment of the Commodity value.
SANCTIONS (NON PERFORMANCE)
Should either Party fail to comply with any of their obligations to the other Party related to This Contract, then the suffering Party will have the option to declare non-performance against the defaulting Party. And pay Penalty of 2% (Two Percent) value delivery
Failure by either Party to take action against the other, in case of the other Party’s non-compliance with obligations or conditions set forth in This Contract, shall not be interpreted as a waiver to take action for a subsequent non-compliance of the same or other obligations or conditions.
The quality and the weight of the products shall be ascertained and certified by SGS at loading port at Seller’s cost and by CIQ at the discharging port at the Buyer’s cost.
TAXES AND OBLIGATIONS
The Seller shall pay all taxes, duties and permits related to Export.
The Buyer shall pay all taxes, duties and permits related to Import.