DESIGNATED PORT(S) OF DISCHARGE. AVERAGE MONTHLY SHIPMENTS OF THREE HUNDRED THOUSAND (300,000) METRIC TONS MONTHLY IN MINIMUM TWENTY FIVE THOUSAND (25,000) METRIC TON VESSELS WILL CONTINUE THROUGH HUNDRED AND SIXTY SEVEN (167) CONSECUTIVE MONTHS OR UNTIL THE FULL QUANTITY IS SHIPPED.INSPECTION:SGS SHALL, AT LOADING PORT AND AT SELLERS COST, INSPECT THE RESPECTIVE SHIPPING VESSEL(S) AND SHALL ISSUE ITS CERTIFICATE OF:- HOLD AND HATCH CLEANLINESS AND CERTIFICATE OF RADIOACTIVITY.- QUANTITY AND QUALITY CERTIFICATE INDICATE THE RESULTS FOR THE INDUSTRY STANDARD TEST AND TALLYS.- WEIGHT PER SHIPMENT- SOFT OFFER FOR BRAZILIAN SUGAR ICUMSA 45- SPECIFICATION OF GOODS AS STATED IN THIS CONTRACT.PAYMENT TERMS AND CONDITIONS:THROUGH A FINANCIAL INSTRUMENT SATISFACTORY TO THE SELLERS BANK AND BE IN THE FORM OF:1.) AN IRREVOCABLE, NON-TRANSFERABLE, DIVISIBLE, CUMULATIVE DOCUMENTARY LETTER OF CREDIT (DLC), ISSUED / CONFIRMED BY A TOP 25 WORLD BANK OR A BANK ACCEPTABLE TO THE SELLER, FOR AN AMOUNT CORRESPONDING TO THE VALUE OF ONE (1) MONTHS SHIPMENTS, BEING US$ 57,000,000 (FIFTY SEVEN MILLION U.S. DOLLARS), REVOLVING MONTHLY BY AMENDMENT UNTIL THE TOTAL QUANTITY OF SUGAR CONTRACTED FOR IS SHIPPED. AFTER EACH DRAWING THE AMOUNT UTILIZED WILL BE REINSTATED BY AMENDMENT AND THE EXPIRATION DATE SHALL BE EXTENDED BY AMENDMENT A MINIMUM OF FIFTEEN (15) CALENDAR DAYS PRIOR TO THE EXISTING EXPIRATION DATE.THIS FINANCIAL INSTRUMENT IS TO BE LODGED WITH THE SELLERS BANK WITHIN FIVE (5) INTERNATIONAL BANKING DAYS OF SIGNING THE HARDCOPIES OF THE CONTRACT AND WILL REMAIN WITH SELLERS BANK, PAYABLE 100% AT SIGHT, BY FIRST PRESENTATION AT THE COUNTER OF SELLERS BANK OF ALL REQUIRED SHIPPING DOCUMENTS FOR EACH VESSEL.THE FOLLOWING FINANCIAL INSTRUMENT WILL ACCOMPANY THE DLC TO SECURE THE QUANTITY FOR THE QUOTED PRICE AND AS A GUARANTEE TO THE BUYERS FULFILLMENT OF THE WHOLE CONTRACT:2.) AN UNCONDITIONAL, UNENCUMBERED CASHED BACKED STANDBY LETTER OF CREDIT (SBLC) ISSUED OR CONFIRMED BY A TOP 25 WORLD BANK OR A BANK ACCEPTABLE TO THE SELLER, WRITTEN IN THE AMOUNT CORRESPONDING TO THE VALUE OF TWO (2) MONTHS SHIPMENTS WHICH, UNLESS DRAWN AGAINST INCASE OF THE BUYER BEING IN BREACH OF CONTRACT IS TO BE RETURNED AFTER THE LAST VESSEL UNDER THE CONTRACT IS SHIPPED AND PAID FOR.ALL FINANCIAL INSTRUMENTS MUST BE ADVISED THRU SELLERS BANK AND PAYABLE AT THE COUNTERS OF THE SELLERS BANK.THE FINANCIAL INSTRUMENTS ARE SUBJECT TO THE 2007 REVISION OF UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, UCP 600, (ICC PUBLICATION NO. 600).SELLERS PERFORMANCE BOND:AFTER RECEIVING BUYERS NON-OPERATIVE FINANCIAL INSTRUMENTS AS REQUIRED WITHIN THE CONTRACT THE SELLER WILL PROVIDE THE BUYER WITH A PERFORMANCE BOND WRITTEN IN AN AMOUNT EQUAL TO TWO PERCENT (2%) OF THE REPLACEMENT VALUE OF THE AVERAGE MONTHLY SHIPMENT. THE PERFORMANCE BOND SHALL BE ISSUED IN THE FORM OF A STAND BY LETTER OF CREDIT IN FAVOR OF BUYER AND WILL BE IRREVOCABLE AND VALID TROUGHOUT THE DURATION OF THIS AGREEMENT PLUS 30 (THIRTY) DAYS.CONTRACT PROCEDURES:1.) BUYER WILL COMPLETE THE BUYERS BANKING INFORMATION, SIGN AND SEAL AND RETURN THE FULL CORPORATE OFFER TO THE SELLER.2.) WITHIN THREE (3) BANKING DAYS THE SELLER WILL PROVIDE THE DRAFT CONTRACT TO THE BUYER FOR THEIR CONSIDERATIONS. THE BUYER MAY MAKE