Common use of First Instalment Clause in Contracts

First Instalment. The first instalment amounting to United States Dollars Three Million Seven Hundred Thousand only (US$3,700,000) shall be due and payable within five (5) banking days from the date of receipt of the original Refund Guarantee as per Exhibit “A” issued by a first Korean bank acceptable to the Buyer and/or Buyer’s bank, by the Buyer. The Refund Guarantee may be issued by means of an authenticated swift message to the Buyer’s nominated bank in which case payment shall be made within five (5) banking days of receipt of such swift message by the Buyer’s bank.

First Instalment. The first instalment equal to ten percent (10%) of the Contract Price amounting to United States Dollars Three Million Seven Hundred Thousand only (US$3,700,000) shall be due and payable within five (5) banking days from the date of receipt of the original Refund Guarantee as per Exhibit “A” issued by a first Korean bank acceptable to the Buyer and/or Buyer’s bank, by the Buyer. The Refund Guarantee may be issued by means of an authenticated swift message to the Buyer’s nominated bank in which case payment shall be made within five (5) banking days of receipt of such swift message by the Buyer’s bank.