|We, acting as facilitator to the Seller hereby confirm that Seller is ready, willing and able to enter into contract for Russian Mazut-100 (GOST 10585-75) on the terms and conditions set forth below: |
COMMODITY: Russian Mazut-100 (10585-75)
QUANTITY:1,000,000 metric tones monthly for 12 months contract with rolls and extensions up to 60 Months. This allocation can be split into several contracts.
DELIVERY: C. I. F to Any Safe World Port
PRICE: The price shall be fixed at USD295.00/MT Net
PAYMENT: By Irrevocable, Confirmed and Non-Transferable Revolving Documentary Letters of Credit covering the cost for each shipment.
PERFORMANCE BOND:2 % against monthly shipment value, revolving for entire Contract
12 consecutive months with Possible Roll and Extension up to 36 months or 60 Months.
1. seller s facilitator issues sfco
2. buyer signs and seals this sfco and forwards with buyer s icpo and bcl and/or authorization for soft probe.
3. seller sends draft contract with allocation number.
4. buyer s and seller s bank communicates and agree on final workings of dl/c.
5. seller issues non-operative 2% performance bond to buyer s bank by swift.
6. buyer s bank issues 100% irrevocable, non-transferable, revolving, dl/c for each cargo shipment of monthly delivery activating the 2% performance bond.
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