Contract
NO.: SC-3
Sellers: China National Cereals, Oils & Foodstuffs Corp.
Buyers: Canada Food Corp., Vancouver
This Contract is made by and between the Buyers and the Sellers; whereby the Buyers agree to buy and the Sellers agree to sell the under-mentioned commodity according to the terms and conditions stipulated below:
Commodity: Strawberry Jam, Great Wall Brand
Specifications: In cans of 340 grams
Quantity: 1000 cartons (each 50 cans)
Unit price: CA$ 30.00 per carton CIF Vancouver
Total Value: CA $ 30000.
Packing: In cartons
Insurance: To be effected by the Sellers against All
Risks for 110% of invoice value
Time of Shipment: August, 1988
Port of Shipment: China Port
Port of Destination: Vancouver, Canada.
Shipping Mark: At Seller's option
Terms of Payment: By irrevocable, transferable, sight L/C, to reach the Sellers 30 days before the time of shipment. The L/C shall be valid for negotiation in China until the 15th day after the date of shipment.
Done and signed in Beijing on this 4th day of May 1988.
Ⅷ. Check the following letter of credit and make necessary amendments according to the contract terms in Ⅶ:(15%)
Bank A
To: Bank of China Beijing Date: 1 June, 1988
We hereby open our Irrevocable transferable Letter of Credit No. 9876543. In favour of China National Cereals, Oils & Foodstuffs Corp. For account of Canada Food Store, Vancouver up to an amount of CA $ 30,000.00 (Say Canadian Dollars Thirty Thousand Only) for 110% of the invoice value relative to the shipment of: Canned Strawberry Jam Great Wall Brand 1000 cartons (each 50 cans). As per Contract SC-3, from China Port to Vancouver.
Drafts to be drawn at sight on our bank and accompanied by the following documents, marked "X": ......
Partial Shipments permitted.
Transshipment permitted.
Shipment must be effected not later than 31 August 1988.
This L/C is valid at your counter until 5 September 1988.
For Bank A
