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PAYMENT METHOD

Kindly fill the below form, once completed please enter your e-mail address and SUBMIT. We will send you the submitted form via email and a copy will be downloaded onto your PC. Please send us back the physically signed copy via courier, in the meantime send us a dully signed soft copy via email to info@cibmy.com  

APPLICATION FOR ISSUANCE OF AN IRREVOCABLE DOCUMENTARY CREDIT

    *Applicant’s instructions to be indicated by placing X in the respective boxes.

    *All alterations and additions to this application are to be signed by the Applicant.

    Documentary Credit to be issued as:*
    DC Against:*
    Documentary Credit to be advised by:*
    Credit Available:*
    Shipment By:*
    Shipment By:*
    Partial Shipments / Deliveries:*
    Shipment Terms:*
    Transshipment:*
    Others (Please specify): Other shipment terms*
    Confirmation Instructions:*
    Charges:

    Confirmation charges:*
    All Banking Charges outside the country of Issuance of this DC*
    Document Required:

    Invoices:*



    copies duly certified by chamber of commerce stating the name & address of manufacturers / processors, certifying origin of goods & contents to be true and correct, Original duly by

    Bill of Lading: Full set of (3/3) clean shipped on board Ocean/Marine/Multimodal Bills of lading issued or endorsed to the order of

    Bank Name:*
    Marked

    Original Airwaybill marked “for the consignor/shipper” signed by the carrier or his agent, marked freight prepaid / payable at destination showing flight Number and date of dispatch of goods consigned to

    Marked*

    Copies. Showing the name and address of manufacturers / processors and stating that the goods are of origin. Original duly

    Shipment advice quoting Documentary Credit No, Date of issue, Invoice Amount, Shipment From, Shipment To, Transport Document No. Shipment Date, Invoice value and referring to policy No:

    must be sent by fax within three days after shipment to

    on their fax No

    A copy of such advice along with fax transmission report must accompany the documents.

    Marine Insurance policy or certificate in duplicate in negotiable form made to the order of

    for 110% of the gross invoice value. Covering following risks from warehouse to warehouse and Insurance as per institute war clauses, institute strike, riots, Land Clauses, civil commotion clause and institute cargo clauses A 1.1.82(all risks) marked claims payable in

    and the insurance policy or certificate to show the name, address & telephone numbers of their agent in

    Insurance policy or certificate should show Insurance is not subject to franchise or excess deductible.

    Air Insurance policy or certificate in duplicate in negotiable form made to the order of

    and the insurance policy or certificate to show the name, address & telephone numbers of their agent in UAE. Insurance policy or certificate should show Insurance is not subject to franchise or excess deductable.

    Pre-Shipment Inspection of Goods:

    Please do not include Pre-shipment Inspection Certificate Clause in this Documentary Credit at the Applicant's full risk and responsibility as the Applicant does not require inspection of goods before shipment / delivery. We as Applicant hereby undertake to accept the goods as shipped under this Documentary Credit without any pre-shipment inspection at the Beneficiary’s place. The Applicant will not object or refuse in any irregularity in the goods shipped and the Applicant will settle the matter directly with the Supplier, if required.

    Please make sure to attach all the documents you've mentioned above.
    Subject to Uniform Customs and practice for Documentary Credits (2007 revision) International Chamber of Commerce Publication No.600.

    1. We ‘The Applicant’ hereby authorise CIB Finance to debit our account for Documentary Credit establishing charges, Documentary Credit Down Payment (Margin) amount as agreed if any, and the courier and swift expenses of CIB Finance's correspondents and any other expenses that may occur as a result of establishing this credit, now or thereafter.

    2. The Applicant undertakes to receive the documents relating to this Documentary Credit without delay on receipt of the first advice against the payment of all drawings under this credit in local currency calculated at CIB Finance's rate of exchange ruling on the date reimbursement is made by the Applicant to CIB's correspondents abroad, plus CIB Finance's charges and commissions, if any.

    3. In case of failure in settlement, the Applicant hereby irrevocably authorises CIB Finance to debit the Applicant's margin account with full value / the remaining value of documents if the balance in the account is sufficient to cover the same. If there are insufficient funds in the account, the Applicant authorises CIB Finance to take possession of the goods or clear through the customs and sell them in order to obtain the full settlement.

    4. In case the value of the sold goods is less than the Applicant's indebtedness CIB Finance has all rights to proceed against the Applicant by all means, and the Applicant agrees in advance that CIB Finance has the right to recover all funds, merchandise, shares and / or anything of value that might be or will be deposited at CIB Finance's end for the Applicant's account by way of security for the said debts and apply them instantly towards the reimbursement of all CIB Finance's payments and expenses as aforesaid.

    5. The Applicant releases CIB Finance from any responsibility whatsoever regarding the correctness, genuineness, regularity or accuracy of documents as well as their going astray. The Applicant further undertakes to be liable for all compensations and legal effects which may occur as a result of errors, omissions, belatedness of documents and or loss of cables and letters relating to this credit.

    6. CIB Finance is not to be responsible in any way for nature, quantity and value of goods shipped under this credit nor if they are not complying with specifications agreed upon or information stated in invoices, Bills of lading and other documents.

    7. The Applicant releases CIB Finance, also from any responsibility in case of the insurance company’s bankruptcy or nonpayment of insurance amount for any reason whatsoever.

    8. It is mutually agreed upon that when the insurance amount becomes due for any reason CIB Finance has the right to encash its proceeds directly from the insurance company as a guarantee to all the Applicant's obligations which have been incurred by means of this contract towards CIB Finance or any other parties.

    9. In the event an insurance policy/certificate is not required among the above documents, the Applicant undertakes to deliver the same to CIB Finance in an original negotiable form within one week from the date of this Documentary Credit against all possible risks and the Applicant irrevocably frees CIB Finance from any obligations to refer to the Applicant or remind the Applicant to affect such insurance. It is further understood that if such policy or certificate is not delivered to CIB Finance within one week from the date of this Documentary Credit, or if CIB Finance concludes at any moment that the insurance effected and agreed upon by exporter is not for any reason whatsoever, to CIB Finance's full satisfaction, CIB Finance may without referring to the Applicant insure the goods again for the Applicant's account, (but without obligation on CIB Finance's part) against the risks CIB Finance deem necessary and with the company the Applicant prefers. The Applicant hereby irrevocably undertakes to refund all CIB Finance expenses incurred as a result.

    10. The Applicant also understands and agrees that this credit, except so far as otherwise expressly stated is to be opened in accordance with the Uniform Customs and Practice for Documentary Credits (2007 revision) International Chamber of Commerce Brochure No.600 ("UCP600") or the latest version which the Applicant has read and understood.

    11. The Applicant certifies that the import of the goods described above is not prohibited or restricted and that the Applicant holds and undertakes to exhibit to CIB Finance a valid import licence where such licence is required.

    12. The Applicant is aware of the implications of article 15 of UCP600 and acknowledges that where a bank claims to have negotiated under this documentary credit, its good faith and the fact of negotiation thereof shall be presumed in the absence of evidence to the contrary.

    13. To hold CIB Finance and CIB Finance's agents harmless and free from any responsibility whatsoever for any delay, mistake or omission that may occur in the transmission of instructions with respect to the opening of the Documentary Credit, or any amendments or cancellation thereof (by mail, swift or other telecommunication), and from the loss of or delay in the forwarding of documents, and for the validity, regularity or genuineness of any document, or any signature thereon, provided the document or signature appears regular, and for the description, quality, quantity or value of the goods or property represented by such documents.

    14. That the Documentary Credit is subject to usages and customs prevailing in the place where it is established.

    15. The Applicant shall continue to be bound by all of the Applicant's undertakings herein notwithstanding any amendment, extension, renewal, revision or modification of any kind in the term of the Documentary Credit and, where this Application is signed on the Applicant's behalf by two or more parties (whether partners or not), and be it in the name of a firm or in any other capacity, all parties so signing shall be jointly and severally liable hereunder.

    The Applicant hereby authorises CIB Finance to issue the DC on the Applicant's behalf and for the account of the Applicant, as Irrevocable Credit in accordance with the instructions provided above and pursuant to the above Terms and Conditions.

    Signature with Company’s Stamp



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