First Provisional Payment Clause Samples
First Provisional Payment. Where Seller has elected to use the Working Capital Facility, upon delivery of any Materials by Seller to Traxys pursuant to clause 6 and presentation of all Title Documents including a provisional commercial invoice issued by Seller for such Materials, Traxys shall make a provisional payment to Seller for such Materials in the amount calculated pursuant to clause 7.3, net of the Transaction Costs and the Marketing Fee, which shall be subject to reconciliation upon final payment pursuant to clause 8.3.
First Provisional Payment. The Buyer shall pay, up to 95% of the provisional value of the Product, upon delivery completion of the Monthly Quota at the designated warehouse against the presentation of the following documents: · Seller’s Provisional invoice using the average of the metal prices during the 5 LME/LBMA market business days prior to the invoice date. · Provisional certificate of weights and moisture, if final certificates are not known, issued in accordance with the Seventh Clause. · Seller’s Provisional certificate of assays. · This duly signed Contract (prior to the start of the Effective Term).
First Provisional Payment. (a) At least 10 days prior to the Date of Arrival of each Parcel at the Discharge Port, the Seller shall present to the Purchasers’ Agent the following documents in respect of such Parcel (the “Shipping Documents”):
(i) Full set (3/3) of original, ocean bill of lading, consigned to order and blank endorsed or to a named buyer, issued as per the Purchasers’ Agent’s instructions, marked ‘freight prepaid’ or ‘payable as per Charter Party’ evidencing “clean on board” shipment from Port of Loading to Discharge Port;
(ii) The Seller’s original signed First Provisional Invoice, the amount of which shall be calculated based on the bill of lading wet weights, Seller’s provisional moisture analysis, Seller’s provisional assays for the Parcel, and the payments for Payable Metals (less the Deductions) (“First Provisional Invoice”);
(iii) The Seller’s certificate of preliminary assays for the Payable Metals and Penalty Elements in such Parcel, if any;
(iv) The Seller’s certificate of provisional weight (based on ocean bill of lading weight) and moisture certificate;
(v) Original insurance certificate drawn in accordance with Article 5 (Insurance); and
(vi) The Seller’s certificate of origin for the Concentrates.
(b) Within ten days after the Date of Arrival of each Parcel at the Discharge Port, the Purchasers shall make a provisional payment to the Seller equal to 90 per cent of the estimated Total Compensation (the “First Provisional Payment”) for that Parcel in accordance with this Section 7.4(c).
(c) The ocean bill of lading weight shall be determined by draft survey for bulk shipments.
(d) The prices of Payable Metals utilized for the purposes of the First Provisional Invoice shall be the average of the Payable Copper Price, the Payable Gold Price and the Payable Silver Price, respectively, over the last full calendar week prior to the issuance of the First Provisional Invoice. The Seller’s provisional assays and moisture shall be determined at the mine site or such other location at Seller’s discretion, provided that Purchasers’ Agent shall have the right to be present at such assay and moisture determination.