1. Buyer issues an irrevocable SBLC of one month cargo value to Seller’s nominated Bank. Buyer shall issue SBLC value to cover the equivalent of 50,000 MT x 1 shipment.
2. Seller issues an irrevocable Performance Bond (Hereinafter “PB”) with amount equals to 2% of one month cargo value.
3. Payment for each shipment shall be made by TT wire transfer within 3 (three) days after arrival cargo at Buyer’s discharged Port and have passed local CIQ inspection for both quantity and quality. SBLC shall be acted as security for cargo delivered.
4. Shipment to be effected within 45 days after SBLC issuance.
5. The validity of SBLC will be thirteen (13) months.