2. PAYMENTS PROCEDURE ( Taken from BTC standard contract)
2.1. Payment for the goods is carrying out by buyer’s bank through Irrevocable 100% Confirmed LC at sight issued under uniform customs and practice for the documentary credit (2007 revisions) international chamber publication no.600 on the settlement account of the Seller. Payments for the goods are carried out by means of LC. Payment terms for this shipment of the goods are indicated at the Proforma Invoice sheets which are the integral part of the present contract.
– 100% confirmed LC at sight for the goods, shipped under specification mentioned in contract or proforma invoice. LC will be transmitted within 07 working days after bipartite signing of the contract and Proforma Invoice.
– Payment at sight at the counters of negotiating bank with reimbursement clause to the effect that reimbursement by T/T within three days upon confirmation from the negotiating bank that shipping documents received are in compliance with LC terms.
– LC has to be transferable, divisible, assignable.
– LC will be valid for 120 days.
After the issuance of LC for the goods, shipped under present specification, the Seller is obliged to send the Buyer the full set of the original shipping documents specified in item 5.1. of the present Contract within 21 (Twenty One) calendar day.
The goods under the specification mentioned in contract & Perofrma Invoice are to be shipped before latest date of shipment mentioned in LC, after receiving of 100% sight LC for the goods and confirming of bag design.
Port of loading: Kandla/Chennai/Vishakhapatnam Port, India.
2.2. Currency of payments is US dollar.
2.3. All banking charges inside Seller’s country are for Seller’s account. All banking charges outside Seller’s country are for Buyer’s account.
2.4. All export duties, taxes, levies, etc. in the country of origin shall be for Seller’s account, in the country of destination shall be for Buyer’s account.