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 Escrow L/C
Hanil Bank
xxxx, xxxx |
SPECIMEN
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| Credit No. 0034 April 29, 1996
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Gentlemen:
By order of : XYZ Co., 5 Beethoven Stra e xxxxx For account of: idem
We open the following Irrevocable Credit
Beneficiary: ABC Company, IPO Box 105
xxxx, xxxx
Amount: max. US $ 100,000. -
Valid until : 20th December 1996 at your bank
Available : at sight against surrender of the following documents
1) Commercial Invoice in duplicate
2) Packing list in duplicate
3) Specification list in duplicate, showing Individual piece length, grass and net weight of each bale.
All measurements on specification lists to be in yards and made out on neutral paper
4) Insurance policy covering All RISKS as per Institute -Cargo Clause "All RISKS" incl. WSR & CC
for 110% of invoice value.
5) Full set of clean on board Bills of Lading, made out to order, blank endorse, marked: FREIGHT
PREPAID and Notify: Spedition, xxxxxx.
Covering One million Inches, 100% Grey Cloth sheeting, width 38". construction: 60x60 heads per Inch, 20/20 Ne (English counts), price : US Cents 14.30 per inch CIF xxxxx.
Goods to be packed in export sea-worthy bales (export standard packing).
Monthly shipments of 200,000 inches, beginning June 1996 (latest shipment date: November 30th, 1996)
from xxx xxx to xxxxx.
artial shipments and transhipment are authorized.
The entering in force of this credit is also subject to the presentation of the following additional documents:
a) Confirmation of messrs......., that they habe duly placed orders for a total amount US $ 100,000. - for anilin-dyestuffs and textile-auxiliaries with Messrs....., and that those orders have been duly accepted by said suppliers.
b) Confirmation of Messrs......, that they have obtained from the xxxxx Authorities a valid import licence for the goods mentioned under a) above.
c) Irrevocable undertaking of the beneficiary to use the funds this letter of credit exclusively for the goods mentioned under a) above.
It is a further condition of this credit that the proceeds of same remain blocked at your bank in a special account in the name of the beneficiary for account of Messrs.............. until fulfillment of clause c) above.
Please advise the beneficiary of the opening of our letter of credit, adding your confirmation.
An additional copy of the invoice B/L are required for our files. For the reimbursement of your payments and commissions, ........... please refer to our separate letter.
Yours faithfully,
xxxxxx BANK
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