1. L/C Letter of Credit 信用证
The Buyer, on receipt from the Seller of the delivery advice, shall open an irrevocable letter of credit with the Bank of China, in favor of the Seller for the total value of shipment 25-30 days prior to the date of delivery. The credit shall be available against Seller's draft drawn at sight on the opening bank for 100% invoice value accompanied by the shipping documents specified in Clause 10 hereof. Payment shall be effected by the opening bank by telegraphic transfer against presentation of the aforesaid draft and documents. The letter of credit shall be valid until the 20th day after the shipment is effected.
2. Collection 托收
The Seller may present the sight draft together with the shipping documents (specified in Clause 10 hereof) through the Seller’s bank and Buyer’s Bank to the Buyer for collection after shipment.
3. Direct Remittance 直接付款
Payment shall be effected by the Buyer, by telegraphic transfer, within 7 (SEVEN) days after receipt from the Seller of the shipping documents specified in the Clause 10 hereof.