BP 2007 Products

SCHEDULE C
Letter of Credit format
Format of Irrevocable Documentary Letter of Credit as required pursuant to Section 30:
Please urgently advise [Seller], [Seller's address] that we hereby issue our Irrevocable
Documentary Letter of Credit number ..................... in their favour for Account of .....................
for an amount of US Dollars ..................... (say ......[in words].....) plus or minus 10% available at
our counters ..................... days [from/after] the [bill of lading] [completion of discharge] date ([bill
of lading] [completion of discharge] date to count as day [one/zero]) against presentation of the
following documents in one original and ... copies unless otherwise stated:
1. original signed commercial invoice;
2.* (a) in the case of delivery FOB/CFR/CIF: full set of 3/3 original clean on board ocean
bills of lading issued or endorsed to the order of ..................... ;
(b)
in the case of delivery Ex Ship: one copy independent inspector's report.
3.* in the case of delivery FOB/CFR/CIF:
any other shipping document:
cargo manifest
quality/quantity report
certificate of origin
insurance certificate
[* Amend as required]
evidencing shipment of ..................... tons +/- 15% (+ a further margin of X% in respect of
escalation of duty including VAT if appropriate) of ..................... FOB/CFR/CIF/Ex Ship
..................... between
..................... and ..................... (both dates inclusive).
Price Clause [Here insert text of Price Clause as set out in the Special Provisions]
This Credit expires on .............
[In the case of delivery FOB/CFR/CIF only] In the event that the above documents are unavailable
on the payment due date, payment will be made against document number 1 above and an
Indemnity issued by Beneficiary in the following format:
Quote
To:
[here insert text of Indemnity as per Schedule A]
Unquote
Special Conditions:
1. This Letter of Credit shall take effect in accordance with its terms but such terms shall
not alter, add to or in any way affect the provisions of the Agreement between [Seller]
and [Buyer] to which this Letter of Credit relates.
2. [In the case of delivery FOB/CFR/CIF only] Charterparty bills of lading/Vessel bills of lading
and/or bills of lading signed by the master or agent and not indicating that they have been
issued by a named carrier are acceptable.
3. Documents presented later than 21 days after the bill of lading date but within the validity
of this Credit are acceptable.
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