1. COMMODITY : MAZUT 100 GOST 10585-75.
2. COUNTRY OF ORIGIN : Russia.
3. QUANTITY :
Six Million (6,000,000) Metric Tons (+/-5%) delivered over 12 months at 500,000 MT per month.
4. FIXED UNIT PRICE :
Gross US Dollars Four Hundred and fifteen only (US$415) per Metric Ton, CIF
5. DESTINATION PORT : XXXXXXXXXX
6. TERMS OF PAYMENT :
Guaranteed by Two (2) Operative Irrevocable Confirmed DLC valid for 60 days and face value covering two shipments' quantity of the commodity sent via SWIFT MT700 from Buyer's bank to Seller's bank. Payment for everyshipment delivery shall be via Telegraphic Transfer.
7. PERFORMANCE BOND :
2% of the value of two shipment's quantity of the commodity.
8. CONTRACT DURATION :
Twelve (12) months with possible rollovers and extensions
If the destination port is in China, payment will not be conditional upon CIQ inspection which is to be carried out by Buyer at Buyer's own cost.
No upfront payments will be made. All payments will be made after receipt and delivery of the commodity at discharge port.