Payment shall be deemed to have been made only when the contract sum is paid into the Seller’s bank account and is the Seller’s full disposal 2.. The Buyer, on receipt of the Confirmatio
Trang 11 Payment shall be deemed to have been made only when the contract sum is paid into the Seller’s bank account and is the Seller’s full disposal
2 If payment of any sum payable is delay, the Seller be entitled to receive interest on the amount unpaid during the period of delay The interest shall be at an annual rate three percentage points above the discount rate of the central bank in the Seller’country
3 The Buyer, on receipt of the Confirmation of Order from the Seller, shall at least 20 days prior to the date of delivery open a confirmed,irrevocable letter of credit This credit shall be subject to Uniform Customs and Practice for Documentary Credits.1993 Revision,ICC
Publication N500
4 For each week of delay,the Seller shall pay 1% of the Contract Price up to maximum of 10%
of the Contract Price
5 Any discrepancy between the terms agreed by the parties and the letter of the credit as issued shall be immediately notified by the Seller to the Buyer
6 Payment of commercial invoiced items shall be made on or before the 30th day after receipt thereof If the 30th day fails on a Sunday or an announced public holiday,the next working day shall be deemed to be the due date of payment
7 20% of the credit shall be available against the Seller’s draft accompanied by invoice; the remaining 80% shall be available against the Seller’s draft accompanied by the shipping documents
8 All payments shall be made by the Principle to the Consultant’s bank account in Vietnam dong, unless otherwise mutually agreed by the Parties
9 Presentation of the following documents to the Bank for Foreign Trade of Vietnam shall be payable within 3-5 banking days after receipt of a telex from Vietcombank certifying that documents have been checked in comformity with the terms of the L/C
10 CLIENT shall be entitled to withhold payment if any of CONTRACTOR’s invoices do not include the supporting documents required by CLIENT
11 In the event that the Buyer fails to open an L/C within four days after receiving
confirmation from Vietcombank then the Seller shall collect the Performance Bond from Vietcombank and then the Contract shall be automatically cancelled
12 The Seller shall be paid by an irrevocable L/C opened by Vietcombank Hanoi and advised to the Seller through Indosuez Bank in Singapore payble at sight against/upon first presentation
of a full set of shipping documents
13 Invoices shall indicate the Contract number and title and shall be submitted in one(1) original and (1) copy each complete with the necessary/relevant documents required by CLIENT and shall be addressed to
14 If payment for the Goods is made by a letter of credit, the Buyer shall establish/open in favour of the Seller an irrevocable letter of credit through a prime/first class internationally recognized bank immediately after the conclusion/execution of this Contract in a form and under/on the terms satisfactory to the Seller