Payment

Payment for the Cement sold under the present Contract shall be effected in US Dollars out of an irrevocable Letter of Credit to be opened by the Buyer in the Seller’s favour with... (bank) and advised through the Bank for Foreign Economic Affairs of Russia in Moscow.

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Payment out of the Letter of Credit shall be effected at sight against presentation of the Seller’s Bank, within 10 days from the date of the Bill of Lading, of the following documents as specified in the Letter of Credit:

a) Commercial Invoice (1 original and 4 copies) duly signed and stamped;

b) 3 originals and 4 non-negotiable copies of a clean on board Bill of Lading showing a description of the cargo and the quantity loaded and established in the name of (to order of)... as Consignee;

c) original and 2 copies of the Certificate of Origin issued by the Chamber of Commerce of Russia at the port of loading, duly signed and stamped;

d) original and 2 copies of the Certificate of Quality issued at the port of loading and certified by the Chamber of Commerce of Russia;

e) original of the Draft Survey Report issued at the port of loading and certified by the Chamber of Commerce of Russia.

All expenses connected with the opening, extension and eventual alteration of the Letter of Credit, as well as the expenses charged by the Buyer’s Bank in connection with the opening and utilization of the Letter of Credit, are to be paid by the Buyer and for the Buyer’s account.