Refined Palm Oil

Origin: Per the Seller`s option.

Destination: Still, "Open Ended" / either Istanbul, Turkey, or Um Al-Qasr, Iraq.

Packaging: 1L; 1.5L; 3L; & 5L.

Delivery Conditions: CIF ports Iraq.

Quantity: A Trial Order of 5,000 MT`s (Metric Tons), And...

Total Quantity: 100,000 MT`s, per month, with a contract of twelve months at a time (for a grand total of 1,205,000 MT`s (for the initial contract period).

Schedule of the Deliveries:

The seller shall deliver the total quantity of the goods in accordance with the pre-arranged agreement.

Payment Terms & Conditions:

Payment for the goods under this contract will be made out in US dollars as follows:

Guaranteed Payment: 

In order to be able to guarantee the timely payments for the goods, the buyer will issue an Irrevocable, Non - Transferable L/C equal to the amount of one monthly delivery.  The validity period of that L/C will be sixty (60) days. The remainder will be paid in the same form (Irrevocable, Non - Transferable L/C (without the Bank Guarantee).

Shipping Documents:

(1) Commercial Invoice.

(2) Inspection Certificate by SGS,

(3) Weight Quality and issued by SGS,    

(4) Certificate of origin.

Transactions Procedure:

(1) Buyer & Seller will review and sign the contract and exchange the signed copies by electronic mail.

(2)  After signing the contract, the seller will issue and deliver, to the buyer, the Proof of Product.

(3)  After receiving the Proof of Product, from the seller, the buyer will issue and deliver, to the seller, Non - Operative, Irrevocable, Non - Transferable L/C (Letter of Credit). I am not comfortable with allowing the seller to issue a Non - Operative L/C.  (In my own view, the L/C will have to be Operative).