Confirmed Irrevocable Letter of Credit for £625 No.1
We hereby authorize THE ALLUMINIUM ALLOY CO.LTD.
of BIRMINGHAM, ENGLAND to draw at 60 days sight
us to the extent of SIX HUNDRED AND SIXTY FIVE POUNDS
in one draft in favour of The General Bank Limited,for invoice cost of
(insert brief description of merchandise)
to be shipped C.I.F. per Steamer and/or Motor Vessel from LONDON
to DURBAN such draft(s) and relative shipping documents to be
presented at THE GENERAL BANK LIMITED, LONDON
for negotiation on or before 15 September, 1978
↑State here the name of the office or agency of the Bank at which the drafts are to be negotiated, or if the applicant desires the credit to be made available at a Branch of a foreign bank, indicate the Bank and the particular office concerned.
2. And I/we hereby agree with the Drawers, Endorsers and bona fide holders of such Draft(s) to pay at sight or to accept it/them on presentation if drawn at a currency and pay it/them at maturity, together with Exchange, Dominion, Colonial or other stamps and other usual and proper charges on or in connection with such Draft(s).
3. Draft under this credit is to be accompanied by a complete set of shipping documents, consisting of: -
(a) Full set of negotiable clean “On Board” Bills of Lading marked freight paid to order of shippers and endorsed in blank.
(N.B. – Bills of Lading which do not clearly indicate that goods are actually on board steamer and/or motor vessel, before expiry date of this Credit are inadmissible.)
(b) Certified Customs Invoice(s) in duplicate for face value of the Draft(s). Freight (if applicable), cartage, commission, Bank exchange, cost of insurance and incidentals may be included in the invoice cost of the goods.
(c) Marine and War Risks Insurance Policies or Certificates in duplicate endorsed in blank, for not less than the full C.I.F. invoice value of the shipment in British Sterling or in U.S.A. or Canadian Dollars if the amount of the Letter of Credit is expressed payable in either of those currencies.
(N.B. – Insurances may be effected with Foreign Companies but must be in British Sterling or United States of America or Canadian Dollars. The Bank is hereby authorised to reserve to itself the right to reject insurance documents if not satisfied with the standing of the Insurers.)
4. Transhipment at CAPE TOWN is permissible and we accept liability for any possible extra cost that may be incurred resulting from such transhipment, and for any loss arising from delay, or from any other cause, due to such transhipment. Part shipments are not permissible.
5. We agree that, provided the documents tendered to comply with the terms of this Credit. Neither the Bank nor its Agents shall be required to investigate their validity, and I/we acquiesce in the acceptance of such documents as relating to goods according to their purport.
6. Failing the fulfilment by me/us of the conditions of this Credit, I/we empower you to land, receive and insure the goods, and sell by any public auction or otherwise, as you think fit and proper, the entire shipment for my/our account and risk. In the event of such sale I/we authorise you to retain a commission of 24% on the gross proceeds after paying the usual commission fees or other charges to Agents, Brokers or others who may be employed by you or for you in the matter, and I/we engage to make good any deficiency on demand.
*Delete and initial any clauses, etc., inapplicable(see over)