PAYMENT:

EACH VESSEL SHALL BE PAID BY T/T OR CASH AGAINST DOCUMENTS IN THE MONTHS 01 - 10.

This payment term will be guaranteed through an Irrevocable TRANSFERRABLE  Prime Bank GUARANTEE  OR STAND-BY LETTER OF CREDIT for the  value of USD.....-- ( ...MILLION ) THE  bank-guarantee  / SBLC should be issued at the beginning of the contract period covering the last TWO  monthS of the contract   period  with shipment of 25.000 OR 50.000 mt and if for any reason payment against any shipment is not effected by the AGREED CAD  OR T/T PAYMENT  to Seller's bank account, then the Seller will get paid out of the BANK-GUARANTEE / SBLC  issued by the Buyer - bank . If payment for every shipment is effected by the T/T OR CAD PAYMENT, then the Seller will get paid for the last TWO months SHIPMENTS OF 25.000 OR 50.000 MT by the irrevocable transferrable prime bank guarantee / SBLC. The irrevocable transferrable prime-bank guarantee / SBLC   should be issued, confirmed and guaranteed by a top prime world bank acceptable to the Seller.

PROCEDURE: 

1.         BUYER IS PROVIDING THE ENQUIRY / LETTER OF INTENT
2.         SELLER SHALL ISSUE THE FCO AS PER THE ENQUIRY CONFIRMING THE SPECIFICATION.
3.         IF ACCEPTABLE BUYER SHALL PROVIDE THE ICPO OR RETURNS THIS FCO DULY SIGNED AND SEALED ON EACH PAGE,  AS ACCEPTANCE OF TERMS AND CONDITIONS AND AS FINAL ORDER TOGETHER WITH THE BCL OR PERMISSION OF SOFT-PROBE. BUYER TO COMPLETE THE RETURNED FCO WITH HIS BANKING DATAS AND THE DETAILS OF THE CONFIRMING BANK.
4.         SELLER SHALL PROVIDE THE DRAFT CONTRACT FOR BUYER'S VERIFICATION TO BE RETURNED TO SELLER VIA FAX OR EMAIL
5.         SELLER SHALL REVIEW AND CONFIRMS, IF ACCEPTABLE, ANY CHANGE MADE IN THE DRAFT CONTRACT BY BUYER. IF THE SELLER AGREES TO THE CHANGES MADE BY THE BUYER, THE SELLER ISSUED THE FINAL AND BINDING CONTRACT VIA FAX OR EMAIL
6.         THE BUYER RETURNS THE FINAL CONTRACT DULY SIGNED AND SEALED VIA FAX OR EMAIL.
7.         THE SELLER WILL THEN SCAN THE FULLY SIGNED, SEALED AND INITIALLED CONTRACT AND EMAIL OR FAX TO "SOFT COPIES" TO THE BUYER
8.         THE SELLER WILL ISSUE TO THE BUYER FOUR (4) ORIGINAL HARD COPIES OF THE CONTRACT BEING SENT VIA COURIER.
9.         IMMEDIATELY UPON RECEIPT OF SELLER'S SIGNED AND SEALED HARD COPIES OF THE CONTRACT VIA COURIER, THE BUYER SHALL PERSONALLY SIGN AND SEAL THE FOUR (4) HARD COPIES AND RETURN TWO (2) ORIGINALS BY COURIER TO THE SELLER
10.       THE BUYER, WITHIN FIVE (5) INTERNATIONAL BANKING DAYS ISSUES BY SWIFT VIA HIS BANK, THE BANK GUARANTEE /SBLC
11.       UPON RECEIPT OF THE BUYER'S BANKPAYMENT, THE SELLER WILL ISSUE THE TWO (2) PERCENT PERFORMANCE BOND OF THE VALUE OF THE BANK-GUARANTEE - IN FAVOR OF THE BUYER
12.       THE SELLER WILL PROVIDE VIA SWIFT THE POP (PROOF OF PRODUCT) TO BUYER'S BANK WITHIN 5 (FIVE) INTERNATIONAL BANKING DAYS.
13.       IF THE BUYER SHALL NOT COMPLY WITH THE TERMS AND CONDITIONS AS MUTUALLY AGREED TO BY THE DULY SIGNED AND SEALED CONTRACT, THE BUYER SHALL BE LIABLE FOR A PENALTY OF 2 (TWO) PERCENT OF THE BANK-GUARANTEE AGREED UPON.
14.       SUPPLIES SHALL COMMENCE AS PER SHIPPING SCHEDULE AGREED TO BY CONTRACT WITHIN THIRTY TO FORTY-FIVE (30 - 45) DAYS OF SELLER'S RECEIPT OF THE ACCEPTABLE OPERATIVE PAYMENT INSTRUMENT
15.       PAYMENT OF EVERY SHIPMENT VALUE TO BE MADE PER T/T TO SELLER'S BANK AGAINST PRESENTATION OF THE DOCUMENTS AS SPECIFIED IN THE CONTRACT.