Payment Conditions. 3.1.1 The Price (per metric ton) payable for the Goods shall be in accordance with the Contract and as set out in the Seller’s invoice. The Buyer shall make a payment via wire transfer. The Funds must be received in Seller’s nominated bank account as indicated in the invoice by no later than the due date on the Seller’s invoice or no later than the last Banking Day before the due date if that due date falls on a non-Banking Day. The Buyer shall provide the Seller with a copy of its SWIFT confirmation within twenty four (24) hours of payment. The date of payment shall be deemed to be the date Seller’s nominated bank account is credited with 100% (one hundred per cent) of the amount specified in the Seller’s invoice. The Parties hereby agree notwithstanding the currency specified in price determination of the Goods in the Contract the currency of the payment may be any of the following currencies: USD, EUR, RMB, AED, TRY or Swiss francs (CHF). The Buyer shall make all payments under the Contract strictly in the currency specified in the respective invoice issued by the Seller and according to the bank details (hereinafter the “Bank Details”) specified in the respective invoice. The conditions of this clause 3.1.1 are of the essence and breach of this clause shall be deemed a material breach for the purposes of the Contract. The payment shall be effected at the exchange rate of the European Central Bank (“ECB”). For USD, EUR, RMB, AED, TRY or CHF the invoice amount shall be converted into another currency by using the foreign exchange rate of the European Central Bank (“ECB”), rounded to four decimal places, quoted at 16:00 hours Central European Time as reported on the ECB web site (xxx.xxx.xxx), one banking day before the Payment Date. For the purposes of this Clause: the “Payment Date” means the value date indicated in a SWIFT message (or other accepted means of written interbank payment instructions) with payment
