|
Article 11. PAYMENT:Buyer shall establish an irrevocable, Non-transferable, Operative at sight 100%Letter of Credit through first class international bank in favor of Seller to cover 100%shipment value (U$0000000000) of two months whatever in one whole DLC with partialshipments allowed or 8 individual DLC [(4)25,OOODMT+(4)30,OOODMT] comply with eachshipment within 5 banking days after receipt of PB 2%(operative SBLC) from seller's bank.Such LC shall valid for 90days.Buyer shall establish new DLC amount of next two months shipment value within seven (07)working days after receipt of B/L + SGS certification of last shipment.This is for continuous shipment by each month.10%(the Ten percent) tolerance in quantity and amount is the LC will be allowed, payable atsight. All banking charges outside issuing bank counter are for account of beneficiary.a) Provisional Payment (95%)The said LC shall be payable by opening bank at sight for 95% of value of theshipment should be paid against the following documents:(b) Final Payment (5%)The balance due to the Seller after ninety five percent (95%) provisional paymenthas been made, shall be paid by the L/C against Seller's final invoice based on CIQ'scertificates (issued within 60days after completed discharge at the dischargingport) accompanied by the following documents.In case the CIQ results are not received within issued 60days after completeddischarged at the discharging port, load port results shall be applicable for thebalance 5% (CFR Final). Company Name: LOTUS A&G Street Address: 2635 Trieste Way City: Fullerton Province/State: California Country/Region: United States Zip: 92833 Telephone: 1-714-9834541 Mobile Phone: 15626190928 Fax: 1-714-9170012
|
