Common use of PRICE AND PAYMENT 3 Clause in Contracts

PRICE AND PAYMENT 3. 1. The price of the Goods being delivered hereunder shall be fixed in US dollars per net US barrel and be determined in conformity with Appendix 2 to the current Contract which form is integral part of this Contract. The final price for crude oil shall be rounded off to three decimal places. For purposes of conversion of metric tons into US barrels, both Parties would apply to ASTM conversion tables (D1250-80 53A, 51, 56 & 58, utilized by Nafta Moscow) taking into account the actual density of crude oil at. t 200C as per certificate of quality issued for the cargo by terminal the quantity in net US barrels shall be rounded off to three decimal places. Should the actual density of goods be above or below the basic limits of density (32.00-32.09 degrees API), the price to be increased by US Dollars 0.003 per barrel for each full tenth part of a degree API above 32.00 degrees API or to be decreased by US Dollars 0.003 per barrel for each full tenth part of a degree API below 32.09. Quantity of Crude Oil is net (water, sediments are excluded from the gross weight). Quantity and quality of Crude Oil is as per Bill of Lading and Certificate of Quality issued at the port of loading. B/L date shall be considered as the delivery date. The right of property to the Goods and all risks including the risk of accidental losses or damages shall pass from the Sellers to the Buyers at the time when Goods pass the inlet flange of the hose connection of the lifting vessel's intake pipe at the loading facility in the Loading Terminal. For each parcel of Goods, the Buyer shall open in the Seller’s favor an irrevocable documentary letter of credit (hereinafter “LOC”) for an amount in US Dollars acceptable to the Seller: which in no event shall be less than one hundred and ten percent (110%) of the payment due in the format acceptable for the Seller with a first class European bank in accordance with the Appendix 3. A fully operative documentary LOC shall be issued by the Buyer to the Seller not later thanе ten (10) Days before the estimated Date of Delivery. The Buyer shall inform the Seller about the LOC issue the day LOC is opened. The LOC shall be effective for sixty (60) days. The LOC shall be in accordance with the Uniform Customs and Practice for Documentary Credit (2007 Revision), International Chamber of Commerce Publication No. 600 (“UCP”). The funds shall be drawn from the LOC upon the Seller’s presentation of the following required documents: Seller’s Commercial Invoice – 1 original; 3/3 clean on board Bills of Lading and five non-negotiable copies, issued or endorsed to the order of Applicant or to the order of LOC issuing bank Certificate of Origin - 1 original and three copies; Certificate of Quality, issued at port of loading- 1 original and three copies;- Certificate of Quantity as issued at the loadport- 1 original and three copies; Cargo Manifest- 1 original and three copies; Time Sheet, issued at port of loading- 1 original and three copies; Sample receipt- 1 original and three copies; Master's receipt for documents- 1 original and three copies. Ullage report issued/signed by Master- 1 original and three copies The Documents should be represented to the bank within twenty five (25) days after the Day of Shipment and/or within validity of L/C. The payment for the Goods will be made in 30 days after B/l date (b/1 date = day 0), without discount, deduction, set-off or counterclaim, against the Seller’s commercial invoice and Seller's presentation to Buyer's bank of originals of standard set of shipping documents in accordance with the list above. The date of payment is the date of withdrawal of funds from the account of the buyer. All expenses connected with the opening, amendment, extension and use of the LOC in the Buyer’s bank shall be for the account of the Buyer, and the same expenses in Seller’s bank shall be for Seller’s account. All expenses connected with any alterations made to the LOC shall be for the account of the Party that caused these alterations. 3.

PRICE AND PAYMENT 3. 1. The price of the Goods being delivered hereunder shall be fixed in US dollars per net US barrel and be determined in conformity with Appendix 2 to the current Contract which form is integral part of this Contract. The final price for crude oil shall be rounded off to three decimal places. For purposes of conversion of metric tons into US barrels, both Parties would apply to ASTM conversion tables (D1250-80 53A, 51, 56 & 58, utilized by Nafta Moscow) taking into account the actual density of crude oil at. t 200C as per certificate of quality issued for the cargo by terminal the terminal. Тhe quantity in net US barrels shall be rounded off to three decimal places. Should the actual density of goods be above or below the basic limits of density (32.00-32.09 degrees API), the price to be increased by US Dollars 0.003 per barrel for each full tenth part of a degree API above 32.00 degrees API or to be decreased by US Dollars 0.003 per barrel for each full tenth part of a degree API below 32.09. Quantity of Crude Oil is net (water, sediments are excluded from the gross weight). Quantity and quality of Crude Oil is as per Bill of Lading and Certificate of Quality issued at the port of loading. B/L date shall be considered as the delivery date. The right of property to the Goods and all risks including the risk of accidental losses or damages shall pass from the Sellers to the Buyers at the time when Goods pass the inlet flange of the hose connection of the lifting vessel's intake pipe at the loading facility in the Loading Terminal. For each parcel of Goods, the Buyer shall open in the Seller’s favor an irrevocable documentary letter of credit (hereinafter “LOC”) for an amount in US Dollars acceptable to the Seller: which in no event shall be less than one hundred and ten percent (110%) of the payment due in the format acceptable for the Seller with a first class European bank in accordance with the Appendix 3. A fully operative documentary LOC shall be issued by the Buyer to the Seller not later thanе than ten (10) Days before the estimated Date of Delivery. The Buyer shall inform the Seller about the LOC issue the day LOC is opened. The LOC shall be effective for sixty (60) days. The LOC shall be in accordance with the Uniform Customs and Practice for Documentary Credit (2007 Revision), International Chamber of Commerce Publication No. 600 (“UCP”). The funds shall be drawn from the LOC upon the Seller’s presentation of the following required documents: Seller’s Commercial Invoice – 1 original; 3/3 clean on board Bills of Lading and five non-negotiable copies, issued or endorsed to the order of Applicant or to the order of LOC issuing bank Certificate of Origin - 1 original and three copies; Certificate of Quality, issued at port of loading- 1 original and three copies;- Certificate of Quantity as issued at the loadport- 1 original and three copies; Cargo Manifest- 1 original and three copies; Time Sheet, issued at port of loading- 1 original and three copies; Sample receipt- 1 original and three copies; Master's receipt for documents- 1 original and three copies. Ullage report issued/signed by Master- 1 original and three copies The Documents should be represented to the bank within twenty five (25) days after the Day of Shipment and/or within validity of L/C. The payment for the Goods will be made in 30 thirty (30) days after B/l date (b/1 date = day 0), without discount, deduction, set-off or counterclaim, against the Seller’s commercial invoice and Seller's presentation to Buyer's bank of originals of standard set of shipping documents in accordance with the list above. The date of payment is the date of withdrawal of funds from the account of the buyerBuyer. All expenses connected with the opening, amendment, extension and use of the LOC in the Buyer’s bank shall be for the account of the Buyer, and the same expenses in Seller’s bank shall be for Seller’s account. All expenses connected with any alterations made to the LOC shall be for the account of the Party that caused these alterations. 3.

PRICE AND PAYMENT 3. 1. The price of the Goods being delivered hereunder shall be fixed in US dollars per net US barrel and be determined in conformity with Appendix 2 to the current Contract which form is integral part of this Contract. The final price for crude oil shall be rounded off to three decimal places. For purposes of conversion of metric tons into US barrels, both Parties would apply to ASTM conversion tables (D1250-80 53A, 51, 56 & 58, utilized by Nafta Moscow) taking into account the actual density of crude oil at. t 200C as per certificate of quality issued for the cargo by terminal the quantity in net US barrels shall be rounded off to three decimal places. Should the actual density of goods be above or below the basic limits of density (32.00-32.09 degrees API), the price to be increased by US Dollars 0.003 per barrel for each full tenth part of a degree API above 32.00 degrees API or to be decreased by US Dollars 0.003 per barrel for each full tenth part of a degree API below 32.09. Quantity of Crude Oil is net (water, sediments are excluded from the gross weight). Quantity and quality of Crude Oil is as per Bill of Lading and Certificate of Quality issued at the port of loading. B/L date shall be considered as the delivery date. The right of property to the Goods and all risks including the risk of accidental losses or damages shall pass from the Sellers to the Buyers at the time when Goods pass the inlet flange of the hose connection of the lifting vessel's intake pipe at the loading facility in the Loading Terminal. For each parcel of Goods, the Buyer shall open in the Seller’s favor an irrevocable documentary letter of credit (hereinafter “LOC”) for an amount in US Dollars acceptable to the Seller: which in no event shall be less than one hundred and ten percent (110%) of the payment due in the format acceptable for the Seller with a first class European bank in accordance with the Appendix 3. A fully operative documentary LOC l/c shall be issued by the Buyer to the Seller not later thanе ten than five (105) Days before the estimated Date of Delivery. The Buyer shall inform the Seller about the LOC issue the day LOC is opened. The LOC shall be effective for sixty (60) days. The LOC shall be in accordance with the Uniform Customs and Practice for Documentary Credit (2007 Revision), International Chamber of Commerce Publication No. 600 (“UCP”). The funds shall be drawn from the LOC upon the Seller’s presentation of the following required documents: Seller’s Commercial Invoice – 1 original; 3/3 clean on board Bills of Lading and five non-negotiable copies, issued or endorsed to the order of Applicant or to the order of LOC l/c issuing bank Certificate of Origin - 1 original and three copies; Certificate of Quality, issued at port of loading- 1 original and three copies;- Certificate of Quantity as issued at the loadport- 1 original and three copies; Cargo Manifest- 1 original and three copies; Time Sheet, issued at port of loading- 1 original and three copies; Sample receipt- 1 original and three copies; Master's receipt for documents- 1 original and three copies. Ullage report issued/signed by Master- 1 original and three copies The Documents should be represented to the bank within twenty five (25) days after the Day of Shipment and/or within validity of L/C. The payment for the Goods will be made in 30 days after B/l date (b/1 date = day 0), without discount, deduction, set-off or counterclaim, against the Seller’s commercial invoice and Seller's presentation to Buyer's bank of originals of standard set of shipping documents in accordance with the list above. The date of payment is the date of withdrawal of funds from the account of the buyer. All expenses connected with the opening, amendment, extension and use of the LOC in the Buyer’s bank shall be for the account of the Buyer, and the same expenses in Seller’s bank shall be for Seller’s account. All expenses connected with any alterations made to the LOC shall be for the account of the Party that caused these alterations. 3.

PRICE AND PAYMENT 3. 1. The price of the Goods being delivered hereunder shall be fixed in US dollars per net US barrel and be determined in conformity with Appendix 2 to the current Contract which form is integral part of this Contract. The final price for crude oil shall be rounded off to three decimal places. For purposes of conversion of metric tons into US barrels, both Parties would apply to ASTM conversion tables (D1250-80 53A, 51, 56 & 58, utilized by Nafta Moscow) taking into account the actual density of crude oil at. t 200C as per certificate of quality issued for the cargo by terminal the quantity in net US barrels shall be rounded off to three decimal places. Should the actual density of goods be above or below the basic limits of density (32.00-32.09 degrees API), the price to be increased by US Dollars 0.003 per barrel for each full tenth part of a degree API above 32.00 degrees API or to be decreased by US Dollars 0.003 per barrel for each full tenth part of a degree API below 32.09. Quantity of Crude Oil is net (water, sediments are excluded from the gross weight). Quantity and quality of Crude Oil is as per Bill of Lading and Certificate of Quality issued at the port of loading. B/L date shall be considered as the delivery date. The right of property to the Goods and all risks including the risk of accidental losses or damages shall pass from the Sellers to the Buyers at the time when Goods pass the inlet flange of the hose connection of the lifting vessel's intake pipe at the loading facility in the Loading Terminal. For each the parcel of Goods, the Buyer shall open in the Seller’s favor an irrevocable documentary letter of credit (hereinafter “LOC”) for an amount in US Dollars acceptable to the Seller: which in no event shall be less than one hundred and ten sixty percent (11060%) of the payment due in the format acceptable for the Seller with a first class European bank in accordance with the Appendix 3. A fully operative documentary LOC shall be issued by the Buyer to the Seller not later thanе ten than five (105) Days before the estimated Date of Delivery. The Buyer shall inform the Seller about the LOC issue the day LOC is opened. The LOC shall be effective for sixty (60) days. The LOC shall be in accordance with the Uniform Customs and Practice for Documentary Credit (2007 Revision), International Chamber of Commerce Publication No. 600 (“UCP”). The funds shall be drawn from the LOC upon the Seller’s presentation of the following required documents: Seller’s Commercial Invoice – 1 original; 3/3 clean on board Bills of Lading and five non-negotiable copies, issued or endorsed to the order of Applicant or to the order of LOC issuing bank Certificate of Origin - 1 original and three copies; Certificate of Quality, issued at port of loading- 1 original and three copies;- Certificate of Quantity as issued at the loadport- 1 original and three copies; Cargo Manifest- 1 original and three copies; Time Sheet, issued at port of loading- 1 original and three copies; Sample receipt- 1 original and three copies; Master's receipt for documents- 1 original and three copies. Ullage report issued/signed by Master- 1 original and three copies The Documents should be represented to the bank within twenty five (25) days after the Day of Shipment and/or within validity of L/C. The payment for the Goods will be made in 30 days after B/l date (b/1 date = day 0), without discount, deduction, set-off or counterclaim, against the Seller’s commercial invoice and Seller's presentation to Buyer's bank of originals of standard set of shipping documents in accordance with the list above. The date of payment is the date of withdrawal of funds from the account of the buyer. All expenses connected with the opening, amendment, extension and use of the LOC in the Buyer’s bank shall be for the account of the Buyer, and the same expenses in Seller’s bank shall be for Seller’s account. All expenses connected with any alterations made to the LOC shall be for the account of the Party that caused these alterations. 3.

PRICE AND PAYMENT 3. 1. The price of the Goods being delivered hereunder shall be fixed in US dollars per net US barrel and be determined in conformity with Appendix 2 to the current Contract which form is integral part of this Contract. The final price for crude oil shall be rounded off to three decimal places. For purposes of conversion of metric tons into US barrels, both Parties would apply to ASTM conversion tables (D1250-80 53A, 51, 56 & 58, utilized by Nafta Moscow) taking into account the actual density of crude oil at. t 200C as per certificate of quality issued for the cargo by terminal the quantity in net US barrels shall be rounded off to three decimal places. Should the actual density of goods be above or below the basic limits of density (32.00-32.09 degrees API), the price to be increased by US Dollars 0.003 per barrel for each full tenth part of a degree API above 32.00 degrees API or to be decreased by US Dollars 0.003 per barrel for each full tenth part of a degree API below 32.09. Quantity of Crude Oil is net (water, sediments are excluded from the gross weight). Quantity and quality of Crude Oil is as per Bill of Lading and Certificate of Quality issued at the port of loading. B/L date shall be considered as the delivery date. The right of property to the Goods and all risks including the risk of accidental losses or damages shall pass from the Sellers to the Buyers at the time when Goods pass the inlet flange of the hose connection of the lifting vessel's intake pipe at the loading facility in the Loading Terminal. For each parcel of Goods, the Buyer shall open in the Seller’s favor an irrevocable documentary letter of credit (hereinafter “LOC”) for an amount in US Dollars acceptable to the Seller: which in no event shall be less than one hundred and ten percent (110%) of the payment due in the format acceptable for the Seller with a first class European bank in accordance with the Appendix 3. A fully operative documentary LOC shall be issued by the Buyer to the Seller not later thanе than ten (10) Days before the estimated Date of Delivery. The Buyer shall inform the Seller about the LOC issue the day LOC is opened. The LOC shall be effective for sixty (60) days. The LOC shall be in accordance with the Uniform Customs and Practice for Documentary Credit (2007 Revision), International Chamber of Commerce Publication No. 600 (“UCP”). The funds shall be drawn from the LOC upon the Seller’s presentation of the following required documents: Seller’s Commercial Invoice – 1 original; 3/3 clean on board Bills of Lading and five non-negotiable copies, issued or endorsed to the order of Applicant or to the order of LOC issuing bank Certificate of Origin - 1 original and three copies; Certificate of Quality, issued at port of loading- 1 original and three copies;- Certificate of Quantity as issued at the loadport- 1 original and three copies; Cargo Manifest- 1 original and three copies; Time Sheet, issued at port of loading- 1 original and three copies; Sample receipt- 1 original and three copies; Master's receipt for documents- 1 original and three copies. Ullage report issued/signed by Master- 1 original and three copies The Documents should be represented to the bank within twenty five (25) days after the Day of Shipment and/or within validity of L/C. The payment for the Goods will be made in 30 thirty (30) days after B/l date (b/1 date = day 0), without discount, deduction, set-off or counterclaim, against the Seller’s commercial invoice and Seller's presentation to Buyer's bank of originals of standard set of shipping documents in accordance with the list above. The date of payment is the date of withdrawal of funds from the account of the buyer. All expenses connected with the opening, amendment, extension and use of the LOC in the Buyer’s bank shall be for the account of the Buyer, and the same expenses in Seller’s bank shall be for Seller’s account. All expenses connected with any alterations made to the LOC shall be for the account of the Party that caused these alterations. 3.