IRREVOCABLE DOCUMENTARY L/C FORMAT
TO : STANDARD CHARTERED BANK,
SINGAPORE BRANCH
WE HEREBY ISSUE OUR IRREVOCABLE AND UNRESTRICTED LETTER OF CREDIT
NO.__________ DATED _________ AS PER FOLLOWING DETAILS:
FORM OF CREDIT: IRREVOCABLE DOCUMENTARY
LETTER OF CREDIT NUMBER:_____________
ISSUED DATE:_______
EXPIRY DATE: 15.07.2011 IN SINGAPORE
APPLICANT:
LANTURNO MANAGEMENT SA
RUE DE SAINT JEAN 73
1203 GENEVA
ISSUING BANK:
BBRUCHGTXXX
ING BELGIUM NV/SA, BRUSSELS, GENEVA BRANCH (FORMERLY BBL BRUXELLES,
SUCCURSALE DE GENEVE)
GENEVA CH
BY PAYMENT
BENEFICIARY: SHELL INTERNATIONAL EASTERN TRADING COMPANY
(OWNED BY SHELL EASTERN TRADING PTE LTD)
SHELL HOUSE, UE SQUARE
83 CLEMENCEAU AVENUE
SINGAPORE 239920.
AMOUNT: USD 15’550’000. - +/- 10 PCT
PRODUCT: JET A-1 TO MEET DEFSTAN 91-91 ISSUE 6 WITH LATEST AMENDMENTS.
COVERING: 15’000. - MT +/- 10% AT BUYER'S* OPTION
JET A-1 TO MEET DEFSTAN 91-91 ISSUE 6 WITH LATEST AMENDMENTS.
JAPAN ORIGIN AND JAPAN LOADPORT
MODE OF DELIVERY:
FOB-STS in Karimun area (Singapore region) during the period May
15-17 2011.
PARTIAL SHIPMENTS:
AVAILABLE BY NEGOTIATION AT ANY BANK'S COUNTERS, OF DRAFTS AT 30 DAYS AFTER
BILL OF LADING DATE (B/L DATE TO COUNT AS DAY 0) IN DUPLICATE DRAWN ON
ISSUING BANK FOR 100 PERCENT OF INVOICE VALUE, MARKED DRAWN UNDER THE
LETTER OF CREDIT NUMBER _______________ DATED ____________ AND
ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
(1) 3/3 BILLS OF LADING
(2) COMMERCIAL INVOICE
(3) CERT OF QUALITY ISSUED BY AN INDEPENDENT INSPECTOR (QUALITY ON BOARD
MOTHER VESSEL AT STS PORT)
(4) CERT OF QUANTITY ISSUED BY AN INDEPENDENT INSPECTOR (AVERAGE OF
MOTHER/DAUGHTER SHIP FIGURES)
(5) CERT OF ORIGIN
ADDITIONAL INSTRUCTIONS
1) ALL BANK CHARGES INCURRED BY THE BENEFICIARY'S BANK SHALL BE BORNE BY
THE BENEFICIARY. ALL OTHER BANK CHARGES INCLUDING COMMUNICATION COSTS
INCURRED BY THE APPLICANT'S BANK AS WELL AS COSTS WHICH ARE INCURRED IN
MAKING PAYMENTS TO THE BENEFICIARY'S BANK SHALL BE FOR THE APPLICANT'S
ACCOUNT.
2) THIRD PARTY DOCUMENTS INCLUDING BUT NOT LIMITED TO CHARTER PARTY BILLS
OF LADING ACCEPTABLE.
3) DOCUMENTS PRESENTED LATER THAN 21 DAYS AFTER BILL OF LADING DATE BUT
WITHIN VALIDITY OF THE CREDIT ACCEPTABLE.
4) IF PAYMENT FALLS DUE ON A SATURDAY OR NON-MONDAY BANK HOLIDAY IN NEW
YORK, USA, THEN PAYMENT SHALL BE MADE ON THE IMMEDIATE PRECEDING BANK
WORKING DAY. IF PAYMENT FALLS DUE ON A SUNDAY OR MONDAY BANK HOLIDAY IN
NEW YORK, USA, THEN PAYMENT SHALL BE MADE ON THE IMMEDIATE FOLLOWING
BANK WORKING DAY.
5) REIMBURSEMENT SHALL BE MADE BY TELEGRAPHIC TRANSFER FREE OF ALL
CHARGES INTO THE BENEFICIARY'S NOMINATED BANK.
6) THE PRINCIPAL AMOUNT OF THIS LETTER OF CREDIT WILL INCREASE/DECREASE
AUTOMATICALLY EVEN ABOVE/BELOW STIPULATED LIMITS WITHOUT FURTHER
AMENDMENT:
a) ACCORDING TO PLATTS QUOTATIONS, AS PER THE PRICE CLAUSE OF THE CONTRACT
FOR SALE OF OIL AND/OR PETROCHEMICAL PRODUCTS; AND/OR
b) ACCORDING TO THE ACTUAL QUANTITY DELIVERED UNDER THE CONTRACT FOR SALE
OF OIL AND/OR PETROCHEMICALS PRODUCTS, UP TO A MAXIMUM INCREASE OR
DECREASE AS STATED IN PERCENTAGE TERMS IN THE OPENING PARAGRAPH OF THIS
LETTER OF CREDIT.
7) WITH THE EXCEPTION OF VALUE AND / OR VOLUME AND / OR QUANTITY,
TYPOGRAHICAL AND SPELLING ERROR, IF ANY, ARE NOT TO BE CONSIDERED
DISCREPANCIES WHICH WILL INVALIDATE THIS LETTER OF CREDIT.
8) NO AMENDMENTS TO THIS LETTER OF CREDIT SHALL BE MADE WITHOUT THE PRIOR
WRITTEN CONSENT OF THE BENEFICIARY, WHICH INCLUDES CONSENT GIVEN BY TELEX
OR TELEFAX.
9) ALL PAYMENTS MADE UNDER THIS LETTER OF CREDIT SHALL BE MADE FREE AND
CLEAR OF, AND WITHOUT DEDUCTION OR WITHHOLDING FOR OR ON ACCOUNT OF ANY
TAX WHATSOEVER. IN THE EVENT ANY SUCH DEDUCTION OR WITHHOLDING IS
APPLICABLE TO ANY PAYMENT MADE OR TO BE MADE UNDER THIS LETTER OF CREDIT,
WE WILL PAY SUCH ADDITIONAL AMOUNT OR AMOUNTS SO AS TO ENSURE THAT THE
NET AMOUNT RECEIVED BY THE BENEFICIARY WILL BE EQUAL TO FULL AMOUNT WHICH
THE BENEFICIARY WOULD HAVE RECEIVED HAD NO SUCH DEDUCTION OR
WITHHOLDING BEEN MADE OR REQUIRED TO BE MADE.
10) THIS LETTER OF CREDIT SHALL BE SUBJECT TO THE UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 600(2007 REVISION) AS FROM TIME TO TIME AMENDED BY ANY
FURTHER REVISION ADOPTED BY THE EXECUTIVE COMMITTEE OF THE INTERNATIONAL
CHAMBER OF COMMERCE (HEREINAFTER CALLED THE "UCP") EXCEPT UNDER ARTICLE
20A (I) THE FOLLOWING WORDS APPEARING SHALL BE DEEMED DELETED:'TO INDICATE
THE NAME OF THE CARRIER AND'.
11) IN THE EVENT ALL DOCUMENTS REQUIRED IN THE LC WITH THE EXCEPTION OF
COMMERCIAL INVOICE, ARE NOT AVAILABLE WHEN PAYMENT IS DUE, THEN PAYMENT IS
TO BE EFFECTED AGAINST PRESENTATION OF BENEFICIARY'S SIGNED COMMERCIAL
INVOICE AND BENEFICIARY'S LETTER OF INDEMNITY FOR TEMPORARILY MISSING
DOCUMENTS.
12) CONFIRMATION OF THIS CREDIT BY THE BENEFICIARY”S BANK IN SINGAPORE IS
PERMITTED WITH COSTS OF SUCH CONFIRMATION FOR APPLICANT”S ACCOUNT.
13) THIS LETTER OF CREDIT IS A TRANSACTION SEPARATE FROM ANY OTHER ON
WHICH IT MAY BE BASED, AND THE PARTIES TO IT DEAL ONLY IN DOCUMENTS. THE
REQUIRED DOCUMENTS MENTIONED ABOVE SHALL BE FINAL AND CONCLUSIVE AS TO
THE AMOUNT PAYABLE UNDER THIS LETTER OF CREDIT AND WILL BE HONOURED AT 30
DAYS AFTER BILL OF LADING DATE (B/L DATE TO COUNT AS DAY 0).
14) SUBJECT TO TERM 10 ABOVE, AND TO THE EXTENT NOT PROVIDED UNDER THE
PROVISIONS OF THE UCP WHICH APPLY UNDER SINGAPORE LAW, THIS LETTER OF
CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH SINGAPORE
LAW. IN THE EVENT OF ANY DISPUTE BETWEEN THE BENEFICIARY AND THE
UNDERSIGNED BANK ARISING OUT OF OR IN CONNECTION WITH THIS LETTER OF
CREDIT, IT IS HEREBY AGREED THAT SUCH DISPUTE HSALL BE REFERRED TO AND
FINALLY RESOLVED BY ARBITRATION IN SINGAPORE IN ACCORDANCE WITH THE
ARBITRATION RULES OF THE SINGAPORE INTERNATIONAL ARBITRATION CENTRE
("SIAC RULES") FOR THE TIME BEING IN FORCE WHICH RULES ARE DEEMED TO BE
INCORPORATED BY REFERENCE INTO THIS CLAUSE. THE TRIBUNAL SHALL CONSIST OF
ONE ARBITRATOR TO BE AGREED BETWEEN THE PARTIES AND IF NOT SO AGREED THEN
TO BE APPOINED BY THE CHAIRMAN OF THE SIAC. THE LANGUAGE OF THE
ARBITRATION SHALL BE ENGLISH.
DATED THIS_________DAY OF _______2011.
SIGNED BY THE BANK
______________________
AUTHORISED SIGNATURE
______________________________
AUTHORISED COUNTER SIGNATURE