Common use of Payment Term for Imported goods Clause in Contracts

Payment Term for Imported goods. For imported goods payment shall be made in the following manner: a) On shipment: 50 % payment of the contract price shall be paid within 60 days after presentation of shipping documents {goods shipped shall be paid through irrevocable, non-transferable Letter of Credit (LC) opened in favor of the supplier in a bank in his country} and upon the submission of the following documents: - I. Four copies of Supplier’s invoice showing contract number, goods description, quantity, unit price and total amount; II. Original and four copies of the clean, on-board Bill of Lading/ Airway bill, marked freight prepaid and four copies of non-negotiable Bill of Lading/Airway bill.