SALES / PURCHASE CONTRACT by 1M8a92Y0

VIEWS: 139 PAGES: 18

									C O S T, I N S U R A N C E & F R E I G H T

          CRUDE OIL CONTRACT

                F. O. B. CRUDE OIL SALE
                 PURCHASE CONTRACT
                               THIS AGREEMENT

                      CONTRACT FOR THE SALES AND PURCHASE
                           OF NIGERIA LIGHT CRUDE OIL

                              IS MADE AND ENTERED INTO
                                   BY AND BETWEEN

                         DIGA INDUSTRY AND TRADE CO. LTD

                           [HEREINAFTER CALLED THE SELLER]

                                            AND


COMPANY:
ADDRESS:
REPESENTED BY:
TITLE:

                            HEREINAFTER CALLED THE BUYER]



                     CONTRACT FOR SALES AND PURCHASE AGREEMENT
                          FOR NIGERIA LIGHT BLEND CRUDE OIL
                                   [FO.B. DELIVERY]


               THIS CONTRACT AGREEMENT MADE ON
                  THIS 1ST DAY OF JANUARY, 2011.




Sellers’ Signature                                               Buyer’s Signature




                                 PAGE 214
BETWEEN

         SELLERS COMPANY NAME:        DIGA INDUSTRY AND TRADE CO. LTD

The company incorporated under the laws of the Company registered under the laws of Federal
Republic of Nigeria / Jordan, hereinafter called the “SELLER”, which expression where the context
so admits, shall include their personal representatives, Heirs, Successors-In Title and Assign on the
one part:

AND

BUYERS COMPANY NAME:

The company incorporated under the laws of the Company registered under the laws of the,
hereinafter called the “BUYER” which expression where the context so admits, shall include their
personal representatives, Heirs, Successors-In Title and Assign on the other part.

RECITALS:

WHEREAS The Seller with full authority, hereby agrees to supply and deliver the herein mentioned
crude oil and fulfill all the requirements referenced to herein and shall provide the referenced crude
under the terms and conditions and at the time so agreed by both Parties.

WHEREAS The Seller makes an irrevocable and firm commitment to sell and deliver and the Buyer
also makes an irrevocable and firm commitment to purchase and take delivery of the said product

DEFINITIONS:

     Except where the context otherwise indicates, the following terms shall have the meaning as
     described to them in this paragraph 1, and shall include plural as well as singular.

     NNPC:                     Shall mean Nigerian National Petroleum Corporation.

     API:                      Shall mean American Petroleum Institute.

     ASTM:                     Shall mean American Society for Testing and Materials.




Sellers’ Signature                                                                     Buyer’s Signature




                                    PAGE 314
     Commodity:        Shall mean and refers to as being Nigerian Light Crude Oil,
                       elsewhere in this Agreement referred to as Product which
                       specifications are detailed herein.

     Agreement:        Shall mean the Crude Oil Sales / Purchase Contract of which these
                       specific provisions agreed between Buyer and Seller form the
                       conditions of Sales and Purchase.

     Barrel:           Shall mean a volume of forty-two (42) US gallons corrected for
                       temperature to (60) degrees Fahrenheit.

     Cargo:            shall mean any particular quantity of the oil loaded into vessel as set
                       out in this agreement includes Part Cargo.

     Day:              Shall mean calendar day

     Loading Port:     Shall, in respect of a cargo, mean the port(s) nominated by Seller for
                       loading of such cargo in accordance with the agreement.

     Dollars or USD:   Shall mean dollars of the United States of America.

     Grade:            Shall mean any grade of the oil specified in the agreement.

     Lay Time:         Shall have the meaning as that given to it in paragraph 13 of this
                       agreement.

     Month:            Shall mean a calendar month.

     Oil:              Shall mean Nigeria Light Crude Oil specified in this agreement.

     Party:            Shall mean either Seller or Buyer.

     Parties:          Shall mean Seller and Buyer jointly.

     Quarter:          Shall mean a period of the three (3) consecutive months commencing
                       on first (1st) January, or first (1st) April or first (1st) July or first (1st)
                       October, etc.
     Bill Of Lading:   Shall mean the official document, issued at the Load Port after
                       completion of the loading operations, stating the ships’ loaded
                       quantity, expressed in Cubic Meters [cub meters], in Metric Tons [MT]
                       expressed as per the above definitions. This document has to be
                       signed in original by the ship master and made out in accordance
                       with the instruction hereinafter specified in this Agreement.




Sellers’ Signature                                                                   Buyer’s Signature




                            PAGE 414
     Vessel:                      Shall mean the ship whether owned or chartered or otherwise
                                  obtained by Buyer and employed by Buyer to receive the oil at the
                                  loading port.



COMMODITY: Nigerian Petroleum Product

          Specific Gravity at 150c, kg/l              ASTMD1298/P       0.8397-9.8498
          API at 60 Degrees F                         ASTM Table 51     34 - 37
          Salinity                                    ASTMD 4006/1P 358 4.7P.T.B @ 60 Degrees F
          Color                                                         Dark Brown
          BS & W Content [Vol. %]                     ASTMD 473/1P 53   0.25 Average
          Sulfur %WT                                  ASTMD             0.14% wt
          Pour Point Degrees F                        ASTMD 97/1P.15    40º[F] Degrees F
          Water Content:                                                0.2% Vol. Max
          REIB Vapour Pressure:                                         6.52PSIG

QUANTITY AND DURATION:

          The shipment is 2,000,000 BBLS (Two Million) US barrels +/-05% monthly and the duration of this
          contract is for a period of Twelve (12) consecutive months for a total quantity of 24,000,000 BBLS
          (Twenty-Four Million) US barrels, with possible rolls and extension at both parties discretion.

DESTINATION:

          F.O.B

PRICE:

          The price for each Barrel of Nigerian Light Crude Oil delivered out-turned barrels shall be
          Dated Brent” on the date of Bill of Lading as published by McGraw Hill market wire less
          discount of $8.00USD per barrel. $4.00 Net TO BUYER, $4.00 TO BROKERS, $1.00 TO
          SELLER’S AGENT, $1.00 TO BUYER’S AGENT, $2.00 TO FACILITATORS (BUYER /
          SELLER).

Commissions: Buyer to pay brokers according to FEE PROTECTION AGREEMENT.


DETERMINATION OF QUALITY AND QUANTITY




Sellers’ Signature                                                                       Buyer’s Signature




                                           PAGE 514
          Quantity & Quality to be ascertained by an independent Inspector appointed by the Buyer at the
          Loading point. His certificate of quality and quantity should be judged as the final quantity and
          quality of the oil delivered in to the buyer’s tanker and the payment will be issued according to it.

PAYMENT:

          In U.S Dollars-Irrevocable Once Transferable Standby Letter of Credit (SBLC). Final payment is
          made by swift transfer immediately.



DOCUMENTS:

     1)   Clean Ocean Bill of Lading, One (1) Original and three (3) copies
     2)   Seller’s Commercial Invoice, One (1) Original and three (3) copies
     3)   SGS/Say bolt Certificate of Quality and Quantity, One (1) original and three (3) copies.
     4)   Certificate of Origin issued by NNPC, One (1) Original and three (3) copies
     5)   Certificate of Authenticity issued by NNPC, One (1) original and three (3) copies
     6)   Master’s receipt for Samples
     7)   Master’s receipt for Documents
     8)   Cargo Manifest



PROOF OF PRODUCT

PROOF OF PRODUCT/CARGO REF: Nº: COMD/EXP.T/28/VOL.4/2275
EXPORT PERMIT LICENCE NO: EXP.T/28/VOL.4/2275
BULK APPROVED MPR REF Nº: DPR/DS/CTC/2018.VOL.88/078
QUANTITY: 23,731,400 MILLION BARRELS TO BE LIFTED FROM 1ST OCTOBER
TO 1ST JANUARY 2011.



PROCEDURE:
1. Buyer and Seller sign and seal this Contract including their banking coordinates.
   The electronic signed copy by both Parties is legally binding and enforceable and
   must not be changed. The executed SPA is lodged in their respective banks.




Sellers’ Signature                                                                          Buyer’s Signature




                                       PAGE 614
     2. Buyer’s bank shall write on behalf of Buyer to the Seller’s bank confirming
        that they have received the SPA Contract document and demanding
        willingness to place 2% Performance Bond on receiving Non Operative
        Irrevocable, Unconditional, Transferable, Divisible and Confirmed Letter of
        Credit from the buyer’s bank.
     3. Seller’s bank shall write within twenty-four (24) hours to the Buyer’s bank
        confirming the receipt of the letter from the buyer’s bank, affirming their
        readiness to place 2% performance bond to activate the non-operative,
        Irrevocable, Unconditional, Transferable, Divisible and Confirmed Letter of
        Credit.
     4. Within four (4) working days of the reply by Buyer’s bank, that is, Buyer’s
        bank issues via SWIFT, a Non-Operative, Irrevocable, Unconditional,
        Transferable, Divisible and Confirmed Letter of Credit to seller’s bank in
        favour of seller. Seller’s bank issues a 2% PB to buyer’s bank which
        automatically activates the Buyer’s LC and the Buyer’s LC becomes
        Operative. Buyer’s Bank also sends valid CPA and Q-88 of the vessel to be loaded.
     5.    After confirmation of LC, Seller verifies the CPA and issues a Notice of Readiness
          (NOR) / calls buyers vessel into the terminal, and loads the vessel with product.
          Inspectors carry out quality and quantity inspection before and after the loading, and
          endorsed by the vessel master.
     6. Buyer pays for the crude oil and pays all commissions as stipulated on the MFPA on
        this contract agreement.
     7. Payments are made by swift wire transfer directly to the seller official bank account
        through seller’s bank account within 2 (two) days after successful loading of the
        vessel with product, inspection report and presentation of the following shipping
        documents (not negotiable copies).
     *1 Clean – on – board ocean Bills of Lading
     *2 Certificate of quantity (SGS or equivalent)
     *3 Certificate of Analysis
     *4 Certificate of Origin
     *5 Certificate of Quantities
     *6 Seller’s commercial invoice
     *7 Vessel ullage report
     *8 Receipt of samples




Sellers’ Signature                                                                Buyer’s Signature




                                       PAGE 714
     *9 Cargo Manifest
     8. After loading product into Buyers vessel and buyer has received the Port loading Q &
         Q report from SGS inspectors, including all relevant documents (not negotiable
         copies) presented by seller after time of cargo delivery as required by the LC, buyer
         must make payment by KTT wire transfer to sellers bank account for this transaction
         and to beneficiaries named in the Master Fee Protection Agreement in the contract for
         fees.
     9. The signatures on this contract by the Buyer and by Seller means both accept all the
         content as for Quantity, Discount and Procedures.
     10. Price is gross $8; Net to buyer is $4 and $4 to both side Seller and Buyer Agents and
         Facilitators.

BERTH CHARGES, DUTIES AND TAXES AT DISPORT

          The Buyer shall be responsible for all duties and taxes levied on cargo by the authorities of the
          country of discharge. Title shall pass from Seller to Buyer when the complete discharge of cargo
          is made to the Buyer.

APPLICABLE LAW:

          Any dispute arising during the execution of this contract shall be settled amicably. If parties fail
          to do so, they shall accept as final the decisions of the court of arbitration of the International
          Chamber of Commerce, Swiss Law to apply. Expedite procedure format and all proceedings
          are to be continued in English and shall be settled by arbitration in accordance with the laws of
          Nigeria, Switzerland and/or England as the case may be.

FORCE MAJEURE:
     Neither party to this agreement shall be responsible for breach of contract cause by acts of God,
     insurrection, and breakdown of refinery operations or supplies to the seller, civil war, military
     operations, and national or local emergencies. The parties hereby accept the international
     provisions of Force Majuro and hardships published by the International Chamber of Commerce.

NON-CIRCUMVENTION / NON DISCLOSURE:
       All parties agree that they are bound by any Non Circumvention Non Disclosure Agreements that
       they have entered into with regard to the above transaction and will not circumvent, avoid, bypass or
       obviate each other directly or indirectly to avoid payment of commissions or fees in any transaction
       pending, or in the future, for as long as a contract shall remain in force between two principles, or, for
       a period of 5 years from the date of executing of this agreement should no contract result. At no time
       shall either party disclose or otherwise reveal to any third party any confidential information, code or




Sellers’ Signature                                                                               Buyer’s Signature




                                        PAGE 814
       reference and, or any such information advised to the other party as being confidential or privileged
       without the formal written permission of the other party.

LANGUAGE AND SIGNING:
          The terms and conditions of this contract are accepted and binding on all parties to this contract.
          The parties confirm that each has read and understood the terms and conditions as written. If any
          term and condition of this contract be held by a court of competent jurisdiction to be invalid, void or
          unenforceable, the rest of the contract shall remain in full force and effect and shall in no way be
          affected, impaired and invalidated. Both parties having understood all the terms and conditions of
          the above sale and purchase agreement hereby agree to honour all clauses with all privileges,
          rights and immunities pertaining herein, making this agreement effective on the date of signing by
          all parties and is executed in multiple copies to the parties hereto represented, each of which is
          equally effective.
BANKING CO-ORDINATES FOR THIS TRANSACTION:
     BUYER AND SELLER MAY ONLY CHANGE THEIR BANKS, SUBJECT TO PRIOR NOTICE GIVEN TO THE
     OTHER PARTY AND PROVIDED THESE BANKS ARE ACCEPTABLE TO THE OTHER PARTY. THERE
     SHOULD BE NO CONTACT EITHER WITH SELLER’S OR BUYER’S BANK WITH OUT PRIOR WRITTEN
     PERMISSION.




SELLER’S BANKING COORDINATES:

 BANK NAME:         UBS BASEL
 BANK ADD:          BANKEN PLATZL, 4002 BASEL/ SWISS.
 BANK OFFICER:      RETO STOHLER.
 PHONE NUMBER:      +41 61 289 4044.
 FAX NUMBER:        +41 61 289 3320.
 S.W.I.F.T. CODE:   UBSWCHZH40A
 ACCOUNT NUMBER:     638 88940F
IBAN CODE:          CH28 0023 3233 6388 8940F.
 ACCOUNT HOLDER:    DİGA INDUSTRY & TRADE CO. LTD. (Fiduciary agent to:
GAS MARITIME SHIPPING COMPANY LIMITED



BUYER’S BANK COORDINATES
BANK:




Sellers’ Signature                                                                               Buyer’s Signature




                                         PAGE 914
BANK ADDRESS:
ACCOUNT NAME:
ACCOUNT NO:
ACCOUNT OFFICER:
TEL NO:
FAX NO:


SELLER’S AGENT BANKING COORDINATES $1.00 PER BBL (CLOSED)

BANK                     SAME AS SELLER’S BANK.
Commission
SWIFT CODE
SORT CODE
FOR CREDIT OF
NIGERIA
SWIFT CODE
SELLER’S FACILITATORS (A) BANKING CO-ORDINATES: $0.50 CENTS per bbl (CLOSED)

 BANK NAME               DEUTSCHE BANK TRUST CO. AMERICAS
 SWIFT CODE              BKTRUS33
 FOR FURTHER CREDIT TO   UNITED BANK FOR AFRICA. PLC.
 SWIFT CODE              UNAFNGLA
 ACCOUNT NUMBER          04-430-446
 FINAL BENEFICIARY       TBA
 ACCOUNT NUMBER          TBA




SELLER’S FACILITATORS (B) BANKING CO-ORDINATES: $0.50 CENTS per bbl (CLOSED)

 BANK NAME               Citibank N.A, 111 Wall Street, New York, USA
 SWIFT CODE              CITIUS33




Sellers’ Signature                                                      Buyer’s Signature




                                 PAGE 1014
 FOR FURTHER CREDIT TO   First Inland Bank Plc (FinBank)
 SWIFT CODE              CMTMNGLA
 ACCOUNT NUMBER          36147178
 FINAL BENEFICIARY       CEETROD INTERNATIONAL ASSOCIATES LTD
 ACCOUNT NUMBER          283440000001002
 TELEPHONE               +2348032602833




BUYER’S AGENT BANKING COORDINATES $1.00 PER BBL

CORRESPONDING
BANK
Commission           $1.00
SWIFT CODE
SORT CODE
FOR CREDIT OF
NIGERIA
SWIFT CODE
IBA NUMBER
FOR FINAL CREDIT
OF
BENEFICIARY
ACCOUNT
NUMBER




Sellers’ Signature                                              Buyer’s Signature




                                 PAGE 1114
BUYER’S FACILITATORS GROUP (A) BANKING DETAILS USD $0.20 cent Per Barrel

Corresponding Bank Name                CITIBANK, NEW YORK
SWIFT Code                             CITIUS33
IBAN                                   36151409
ABA NUMBER                             021000089
Beneficiary Bank                       DIAMOND BANK PLC
Bank Address                           LAGOS, NIGERIA
SWIFT Code                             DBLNNGLA
Beneficiary Name                       UPTOWN OIL ENTERPRISES
Beneficiary Account No                 0061520002493
Account Officer                        Charity Ezeh
Account Office No                      08063414407



BUYER’S FACILITATORS GROUP (B) BANKING DETAILS USD $0.20 cent Per Barrel (Closed)
 INTERMEDIARY BANK   DEUTSCHE BANK TRUST COMPANY, NEW YORK. BANKERS TRUST
 NAME AND ADDRESS    PLAZA 130 LIBERTY STREET, NEWYORK NY10006

 SWIFT CODE          BKTRUS33
 FED WIRE            021001033
 IN FAVOUR OF        ECOBANK NIG PLC
 ACCOUNT NUMBER      04087350
 SWIFT CODE          ECOCNGLAXXX
 SORT CODE           050100028
 FINAL BENEFICIARY   IVOKE NICHOLAS UZOIGWE
 ACCOUNT NUMBER      1302510224615201
 ACCOUNT OFFICER     ANYA O. A. (BANK MANAGER )
 TELEPHONE           +2348033294778




Sellers’ Signature                                                      Buyer’s Signature




                                PAGE 1214
BUYER’S FACI LITATORS GROUP (B) BANKING DETAILS USD $0.10 cent Per Barrel (Closed)

BANK NAME                 DEUTSCHE BANK TRUST CO. AMERICAS, NEW YORK
ADDRESS                   280, PARK AVENUE, NEW YORK, NY 10017
SWIFT CODE                BKTRUS33
ABA NO                    021001033
BENEFICIARY BANK          OCEANIC BANK INT’L PLC DOMICILIARY ACCOUNT
ACCOUNT NUMBER            04177479
BENEFICIARY CUSTOMER      TBA
ACCOUNT NUMBER            TBA




BUYER’S FACILITATORS GROUP (C) BANKING DETAILS USD $0.50 cent Per Barrel
 BANK NAME
 SWIFT CODE

 FOR FURTHER CREDIT TO

 SWIFT CODE
 ACCOUNT NUMBER
 FINAL BENEFICIARY
 ACCOUNT NUMBER
 TELEPHONE


DECLARATION:
The undersigned declare that the foregoing instrument fully sets forth the entire agreement between
the parties and that the signatories below have been fully and duly authorised to enter into and bind
each representative company to the contract.

SELLER AND BUYER’S ACKNOWLEDGEMENT:
   This document constitutes a GUARANTEED, IRREVOCABLE, UNCONDITIONAL AND NON
   RETRACTABLE PAYMENT ORDER issued to the beneficiaries named herein, given with full
   corporate responsibility, by which I hereby instruct my bank as specified herein, to
   simultaneously pay, without any protest and/or delay, upon the closing of each and every
   trencher, until the transaction under the above entered codes is totally completed, the
   compensation to the beneficiaries' bank accounts, as stipulated herein.




Sellers’ Signature                                                                    Buyer’s Signature




                                     PAGE 1314
     HOWEVER, A SEPARATE IRREVOCABLE PAY ORDER WILL BE ISSUED BY SELLER AND
     ACCEPTED BY THE SELLER’S PAYOR BANK. THIS PAY ORDER WILL LIST THE SELLER AND
     ALL COMMISSIONED AGENTS AND THE AMOUNTS THEY ARE TO BE PAID.
     SUCCESSORS: This Agreement is binding upon and inures to the benefit of the successors,
     assignees, heirs and personal representatives of the receiving person(s).

ATTESTATION: The above-mentioned transaction between Buyer(s) and Seller(s) involving the
purchase of 2,000,000 BARRELS of BONNY LIGHT CRUDE OIL with possible extensions and
rollovers for a period of Twelve (12) consecutive months for a total quantity of 24,000,000 BBLS (Twenty-
Four Million) US barrels. The following will set out the Protection of Fees, should a contract be
executed and consummated under the terms and conditions mutually agreed upon by the Principles
or their mandate Agents.

   THE UNDERSIGNED HAS EXECUTED THIS AGREEMENT ON THIS 7TH DAY OF DECEMBER, 2010.



IN WITNESS WHEREOF the parties hereto declare that they have read and understood this
Contract and are fully aware of the interpretation of all the provisions, terms and conditions herein
and further that they have signed by their hand below, and have accepted and approved all
covenants, terms and conditions of this Contract.

We, SELLERS COMPANY NAME hereby with full corporate responsibility and with the power vested
in its Officer, accept, confirm and agree to abide by this Contract.




Signed by:                              CORPORATE SEAL

For and on behalf of Seller:
Company Name: DIGA INDUSTRY AND TRADE CO. LTD

Represented legally by: GAS MARITIME SHIPPING COMPANY LIMITED
Date: 01.01.2011




Sellers’ Signature                                                                        Buyer’s Signature




                                     PAGE 1414
BUYER AND SELLER ATTESTS THAT THESE ELECTRONIC SIGNATURES ARE RATIFIED AND
VALID FOR THIS TRANSACTION.

For and on behalf of Buyer:
COMPANY NAME:
ADDRESS:

Represented Legally By:
Date:

Hereby with full corporate responsibility and with the power vested in its Officer, accept, confirm and
agree to abide by this Contract.

Witness Signed by:



                                                                         CORPORATE SEAL

For and on behalf of Buyer




BUYER AND SELLER ATTESTS THAT THESE ELECTRONIC SIGNATURES ARE RATIFIED AND
VALID FOR THIS TRANSACTION.




                              ANEXO “A”
        LETTER OF CREDIT (ON ISSUING BANKS LETTERHEAD)

ISSUER: [Buyer’s Bank]
LETTER OF CREDIT NUMBER:
DATE OF ISSUE:
DATE OF MATURITY:
DATE OF EXPIRATION:
BENEFICIARY: [Seller]




Sellers’ Signature                                                                      Buyer’s Signature




                                    PAGE 1514
We, [Buyer’s Bank] hereby open our unconditional, irrevocable transferable confirmed,
Letter of Credit, valid at your counters in favour of [Seller] for the amount of $[Amount



provide] U.S. Dollars. Payment will be at sight of Q and Q report and the bill of lading from
the Date of Issue (The Maturity Date).
Payment is available by the Beneficiary's First written demand via Bank Wire System.
Demand Hereunder must be marked drawn under Letter of Credit No: Dated [Date
provided]. We hereby engage with you that the draft or proceed drawn under and in
compliance with the terms of this Letter of credit is subject to Uniform Customs and
Practices for Standby Credit (1996 revision) I.C.C. Publication No. l00/500. This swift
automatically becomes an operative instrument upon confirmation receipt of receiving
bank’s 2% performance bond. All bank charges in connection with this Letter of Credit are
for the account of the applicant. Letter of Credit Expires on,

[Buyer’s Bank]
NAME AND TITLE OF AUTHORIZED
BANK OFFICER
ABA/SWIFT:
Account #:
Account Holder:
SEAL
SWIFT TEXT:
: 40B FORM OF DOCU: IRREVOCABLE WITH CONFIRMATION
: 45B/SHIPMENT OF:
ISRI [Product] at [Price] per MTW under (FOB) terms.
:46B/DOCUMENTS REQUIRED: SIGNED COMMERCIAL INVOICE ISSUED BY
SELLER IN ONE ORIGINALS AND 3 COPIES, DESCRIPTION OF GOODS, BILL OF
LADING NUMBER, PIECES OF BUNDLES OF GOODS, UNIT PRICE, TOTAL
AMOUNT, GROSS/NET WEIGHT OF THE GOODS + A FULL SET (3/3) STANDARD
OCEAN BILLS OF LADING, MADE OUT TO ORDER, BLANK ENDORSED, MARKED
FREIGHT PREPAID.
(Authorized signature from Buyer’s bank).




Sellers’ Signature                                                             Buyer’s Signature




                                 PAGE 1614
ANEXO “B”
BANK PERFORMANCE BONDS



To: (Buyer’s Bank)
Attention:
For the account of: (name and address of Buyer)
With reference to the contract concluded with (name of Buyer) on.................... 2010
referenced as Contract, with (name of Seller), for the purchase of a quantity
of...................................... Mt of.......................................... Crude Oil. The agreement
prescribes that the SELLER will release a 2% performance bond, issued by a first
class International Bank.
We, (name of Seller’s bank), in consideration of the above, hereby establish our
irrevocable confirmed bond in favour of (name of Buyer), for the amount of US
$................................. (US Dollars......................................).
This bond covers the due execution and proper performance of the contract by
(name and address of Seller).
We hereby consider ourselves engaged unconditionally and irrevocable to pay to you
forthwith, as a consequence of one or more requests of payment for non performance
of the above mentioned contract substantiated by documentary evidence, within the
limit of this bond, at your simple first demand (either by telex or by letter) and
notwithstanding any exception and/or contestation by (name of Seller) and or any
other party whatsoever, by waiving the benefit of the previous request/s of
payment/s of the principal debtor, any amount that you will specify us as due to you
in reference to the above mentioned sales/purchases agreement up to and not
exceeding this sum.
Our bond in your favour shall remain valid for a period of 3 months from the date
hereof.
Should we receive no claim from you up to the date of expire of this letter of bond,


our liability will become null and void.




Sellers’ Signature                                                                               Buyer’s Signature




                                        PAGE 1714
This bond is governed by International laws
(Authorized signature of Seller’s bank)




Sellers’ Signature                            Buyer’s Signature




                                  PAGE 1814

								
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