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The payment terms that are actually specified in the contract depend on the customary methods of payment in a particular sector of industry, the conduct of negotiations between the parties, the existing market situation, country-specific restrictions such as exchange controls or import licences, the time span for the transaction, the regularity and scope of deliveries, the duration of an existing business relationship, and finally the degree of trust that exists between the parties.
PAYMENT FOR COLLECTION
| … The Buyers will effect payment for the delivered Spares in pounds sterling within 30 days upon receipt of the following documents: · Full set of clean on board Bills of Lading issued in the name of Consignee, Russian port; · Sellers’ original invoice in 4 copies; · Release Note for Shipment issued by the Buyers’ Inspector; · Tests’ report; · Copy of Valid Export Licence, if required. The Sellers are to deduct the expenses for insurance from their invoices according to clause «Insurance» indicating this sum on a separate line. If the above documents are submitted for collection through the bank …, all bank expenses are to be borne by the Sellers both in the Sellers’ and Buyers’ countries. … | ||
PAYMENT OUT OF LC
| … Payment to be effected in US dollars. The Buyers establish by cable an irrevocable confirmed divisible Letter of Credit with Impex Bank, Moscow, in favour of the Sellers covering the full value of the goods sold under the Contract plus margin. The Letter of Credit to be established by the Buyers not later than 14 days before the beginning of the delivery time stated above. The Letter of Credit to be valid 90 days. Payment out of the LC to be effected against presentation of the following documents: · Invoices in triplicate; · Bills of Lading; · Certificate of Quality; · Insurance Policy. All expenses connected with establishment, utilization and extension of the LC to be for the Buyers’ account. Shipment on deck, partial shipment and transshipment are allowed. Stale documents are acceptable. … | ||
CURRENCY CLAUSE
| … The price is fixed in US dollars. Payment to be made in pounds sterling by converting the total amount of the invoice in US dollars into pounds sterling at the London average close rate of telegraphic transfers on New York as published in the «Financial Times» on the day preceding the day of payment. … | ||
FOCUS 2. Comprehension questions.
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