Payment. 5.1. Payment for the delivered equipment is to be effected in ___________________

5.1. Payment for the delivered equipment is to be effected in ___________________

against the documents sent for collection in the following way:

_____ per cent of the value of the completely delivered equipment to be paid within 30 days of receipt by the bank _______, Moscow, of the following documents:

a) Original and two copies of the detailed invoice, separate for each Consignee;

b) Full set of clean “on-board” Bill of Lading issued in the name of the Consignee as per Appendix No. _______ destination_________ port of the _________;

c) Packing lists in triplicate;

d) Test Report or any other document as to the quality of the equipment;

e) Copy of the Sellers’ letter about the dispatch of the technical documentation in accordance with Clause No.6 of the Contract;

f) Copy of the Export Licence, if required.

5.2. _____ per cent of the value of the equipment delivered to be paid after the start-up of the equipment and the expiration of the guarantee period provided the equipment has reached the guaranteed capacity and quality of operation, but not later than ______ months from the date of delivery.

Payment of this amount is to be effected after the expiration of the guarantee period within 30 days of receipt of the Sellers’ invoice and the Start-up Report, issued at the Buyers’ factory. Payment is to be effected for the equipment delivered complete.

5.3. In the letter of collection issued by the Sellers and/ or their Bank the stipulation should be made saying that the Buyers have the right to make deductions from the collection amount in accordance with Clause No.4 (Agreed and Liquidated Damages) and Clause No. 12 (Insurance) of the Contract.

5.4. All the expenses connected with the collection are to be defrayed by the Sellers.