One would normally use this document if you appointed somebody such as an agent to procure the supplier of a set specific item for you. Caters for pricing, delivery of items etc.
Sample
"1. The Supplier has undertaken to supply, pack and ship the Goods set out in the Schedule to the Purchaser.
2. The Purchaser has accepted the terms and conditions of supply and payment set out hereunder.
1 Purchase Price
1 . 1 The price of Goods supplied by the Supplier must be the price effective at the time of Delivery as indicated on the invoice.
1 . 2 Unless stated otherwise, prices are C.I.F.
1 . 3 The purchase price must be:-
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3 TERMS OF PAYMENT
3 . 1 Anything to the contrary contained or implied in the Contract notwithstanding, the purchase price is to be paid in USA dollars, free of exchange and without deduction of any kind.
3 . 2 The Purchaser must pay 100% of the purchase price to the Supplier by irrevocable transferable confirmed letter of credit payable on sight of the following documents:-
3 . 2 . 1 Marine Bill of lading in triplicate;
3 . 2 . 2 Commercial invoices in duplicate;
3 . 2 . 3 Packing list in duplicate;
4.2.4 Certificate showing origin.
3 . 3 There must be no further documents required in order to effect payment.
3 . 4 The letter of credit to be issued by no less than a Standard and Poors "AA" rated bank and is to contain the following statements:-
3 . 4 . 1 "Partial shipment allowed";
3 . 4 . 2 "Telegraphic transfer, reimbursement on New York Bank".
3 . 5 The Purchaser must not be entitled to withhold payment of any amount due on account of any claim against the Supplier whether admitted or disputed."
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Source and supply of product - agreement - COMM 27
