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[ DRAFT LETTER OF CREDIT AGREEMENT BETWEEN IMPORTER AND EXPORTER ]

DRAFT LC AGREEMENT FOR GENERIC GOLD DEALS


A)     PURPOSE OF THIS CONTRACT

This agreement includes all main issues of gold deal between exporter and importer including payment details and wording of LC.


B)      PARTIES

1-      EXPORTER:

a)      Name:

b)      Contact Details:

c)       Gold Export License Number & Validity Date:

d)      Bank Details:

         -Name:

         -Account Name/IBAN Number

         -Branch:

         -SWIFT Code: 

2-      IMPORTER:

a)      Name:

b)      Contact Details:

c)       Authorised Legal Agent

          -Name:

          -Contact Details:

          -Istanbul Gold Exchange Membership Number:

d)      Bank Details

         -Name:

         -Account:

         -Branch:

         -SWIFT Code:


C)      PRODUCT SPECS AND DETAILS

1-      22  to 23 CARATS ……….ORIGIN GOLD BAR OR BULLION

2-      Minimum 92%

3-      Max 96 %

4-      Total Net Weight …………………..kilograms

5-      Total Net Weight Tolerance: +/- 5 %

6-      Total Number of Bars/Bullions: ……………. Piece

7-      Weight of Bar or Bullion Per Piece: 1 kilogram/piece

8-      Packing in officialy stamped trunk boxes 


D)     MAIN INCOTERMS

1-      Delivery Incoterm: Cost And Insurance (CIF) Istanbul

2-      Payment Incoterm: 100% At Sight Letter of Credit


E)      ESSENTIAL CONDITIONS

1-      Exporter follows 100% legal gold exportation laws/rules of his/her country and responsible for full documentation and permittion progress

2-      Importer follows 100% legal gold importation laws/rules of his/her country and responsible for full documentation and permittion progress

3-      All parties are responsible to pay expenses at our own sides due to documentation progress 


F)      PROGRESS AND CLEAR STEPS THAT PARTIES CONFIRM WITH FULL RESPONSIBILITY

1-      Parties sign this agreement

2-      Exporter’s and Importer’s banks approve this agreement and Draft LC given in article-G-

3-      Importer’s bank issues LC to exporter’s bank

4-      Exporter:

a)      Deliver’s the subject gold consignee  to his/her country’s governmental assay labratory for assaying report and official export procedures, by paying all required costs

b)      Exporter’s country’s related gold export authority delivers the gold consignee to carrier company with all required documents listed in below:

          -Exporter’s valid Gold Export Licence approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit

           -Signed Commercial Invoice approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

           -Assay Labratory report from origin’s Central Bank and/or authorised department in regards of gold exportation permit

            -Packing List approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

            -Certificate of Origin approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

             -Full set of 3/3 clean “On Board” Airway Bill of Loading with 2 non-negotiable copies made out to the order of ………………………..Bank marked “Freight Prepaid” and notify the applicant.

              -Insurance Policy or certificate in duplicate endorsed in blank with claims payable in Turkey for 110 % (percent) of commercial invoice value covering institute cargo clauses (A), institute war clauses and institute strike clauses

5-      Importer:

a)      Importer’s legal customs/Istanbul Stock Exchange clearance agent provides below documents:

           -Turkish Treausary Ministry’s Minting House’s final assay report which should be declared to all parties for the liqudiation of this LC

6-      Banks swap the mentioned documents

7-      Importer bank releases the cash back LC to exporter via MT103 clear cash payment format 


G)     LETTER OF CREDIT DRAFT

Below draft LC must be confirmed and accepted by both exporter and importer bank

20/DOCUMENTARY CREDIT NUMBER:………………………………….

27/SEQUENCE OF TOTAL: 1/1

31C/DATE OF ISSUE: ……………………………..

31D/DATE AND PLACE OF EXPIRY: ……………………………………

32B/CURRENCY CODE & AMOUNT:…………………………………………

40A/FORM OF DOCUMENTARY CREDIT: IRREVOCABLE

40/E APPLICABLE RULES: UCP LATEST VERSION

41D/AVALIABLE WITH…BY…: ANY BANK, 100% AT SIGHT

43P/PARTIAL SHIPMENTS: ALLOWED

43T/TRANSHIPMENTS: ALLOWED

44C/LATEST DATE OF SHIPMENT: ……………..

44D/ PORT OF LOADING/AIRPORT OF DEPARTURE:…………….

44F/ PORT OF DISCHARGE/AIRPORT OF DESTINATION: ISTANBUL-REPUBLIC OF TURKEY

45A/ DESCRIPTION OF GOODS AND/OR SERVICES: 22  to 23 CARATS GOLD BAR OR BULLION

1-      Minimum 92%

2-      Max 96 %

3-      Total Net Weight …………………..kilograms

4-      Total Net Weight Tolerance: +/- 5 %

5-      Total Number of Bars/Bullions: ……………. Piece

6-      Weight of Bar or Bullion Per Piece: 1 kilogram/piece

7-      Packing in officialy stamped trunk boxes

8-      Delivery Incoterm is Cost And Insurance (CIF) Istanbul

46A/ DOCUMENTS REQUIRED

1-      Exporter’s valid Gold Export Licence approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit

2-      Signed Commercial Invoice approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

3-      Assay Labratory report from origin’s Central Bank and/or authorised department in regards of gold exportation permit

4-      Packing List approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

5-      Certificate of Origin approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

6-      Full set of 3/3 clean “On Board” Airway Bill of Loading with 2 non-negotiable copies made out to the order of ………………………..Bank marked “Freight Prepaid” and notify the applicant.

7-      Insurance Policy or certificate in duplicate endorsed in blank with claims payable in Turkey for 110 % (percent) of commercial invoice value covering institute cargo clauses (A), institute war clauses and institute strike clauses

8-      Turkish Treausary Ministry’s Minting House’s final assay report which should be declared to all parties for the liqudiation of this LC

47A/ ADDITIONAL CONDITIONS:

1-      Unless otherwise stated all documents required to be presented shall be in English

2-      Below documents must be provided and sent by gold exporter

          -Exporter’s valid Gold Export Licence approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit

          -Signed Commercial Invoice approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

           -Assay Labratory report from origin’s Central Bank and/or authorised department in regards of gold exportation permit

           -Packing List approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

           -Certificate of Origin approved by origin’s Central Bank and/or authorised department in regards of gold exportation permit in Triplicate

           -Full set of 3/3 clean “On Board” Airway Bill of Loading with 2 non-negotiable copies made out to the order of ………………………..Bank marked “Freight Prepaid” and notify the applicant.

            -Insurance Policy or certificate in duplicate endorsed in blank with claims payable in Turkey for 110 % (percent) of commercial invoice value covering institute cargo clauses (A), institute war clauses and institute strike clauses

3-      All above documents listed in above article 2 must be presented by beneficary’s bank to issuer bank of this LC within 21 days after the date of shipment but within the validity of the credit

4-      All bank charges are for account of beneficiary except LC issuing bank charges

5-      Below documents must be provided and sent by importer:

         -Turkish Treausary Ministry’s Minting House’s final assay report which should be declared to all parties for the liqudiation of this LC

6-      All above documents listed in above article 5 must be presented by importer’s bank to beneficiary’s bank within 10 days after the arrival of the product to Istanbul but within the validity of the credit

7-      Transport charges from Istanbul Airport Cargo/Customs department to Turkish Treausary Ministry’s Minting House belong to importer who is the applicant of this LC

8-      Insurance charges Istanbul Airport Cargo/Customs department to Turkish Treausary Ministry’s Minting House belong to importer who is the applicant of this LC

9-      Turkish Treausary Ministry’s Minting House assay report and related local charges belong to importer who is the applicant of this LC

49/CONFIRMATION INSTRUCTIONS: Without

50/APPLICANT: ……………………………………./Turkey

59/BENEFICIARY:………………………………….

78/INSTRUCTIONS TO THE PAYING/ACCEPTING/NEGOTIATING BANK:

1-      All documents must be sent by courier service in 1 lot

2-      Issuer and Beneficiary banks remit by TT upon receipt of documents and confirmation that the terms of credit have been complied with


H) SIGNATURES OF THE PARTIES

RENK, IRK VE DİN KONULARIYLA ASLA İLGİLENMİYORUZ !

 

 

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