CONTRACT N ______For Crude Oil in bulk, f.o.b.terms
Kiev Date ___________
This contracts is made between hereinafter designated as
Sellers and hereinafter designated as Buyers, whereby it is agree
1. Object of Contract
Sellers have sold and Buyers have bought f.o.b.
The goods sold under the present contract shall be of the
The price for the Crude Oil sold under the present contract
on terms f.o.b. is fixed at US $ per barrel for gravity F.P.I.
The price is considered fixed on and in future will be changed on
the date of shipment in conformity with the absolute change of
the price per barrel (or Arabian and Iraq Crude Oil with gravity
of 36,0 -- 36,9 A.P.I. (US $ on) f.o.b. Sidon or Tripoli,
Lebanon, respectively, published in Platt's Oilgram under heading
оMiddle East Crude Prices (average of prices of three companies
-- "Esso", оShell and оMobile Overseas ), provided, however, that
the increase or decrease of the quotation is within the limits
of-of the basic at US $. Should the quotation for Arabian and
Iraq Crude Oil f.o.b. Tripoli, Lebanon, be unequal, an average of
these two quotations shall be accepted. If the above mentioned
quotations are higher or lower than the above limits, the basic
price fixed under the present contract is to be reconsidered at
the request of any of the parties. Should the gravity of the
Crude Oil shipped under the Present contract be higher or lower
than the range of A.P.I., the contract price of the Crude Oil per
barrel of US $ will be increased for each full degree A.P.I.
above maximum range by 2 cents per barrel and on the basis of
thus determined price per barrel of supplied Crude Oil the price
metric ton is established in conformity with the number of
barrels per metric ton corresponding to the actual specific
gravity of the Crude Oil supplied.
4. Time of Delivery
The goods sold under the present contract are to be
delivered by Sellers and accepted by Buyers
The date of the Bill of Lading to be considered as the date
Payment for the goods sold under the present contract is to
be effected out of an irrevocable confirmed Letter of Credit to
be opened by Buyer in with the or with in favour of Sellers for
the value of each lot of the goods to be shipped plus 10%;
validity of the Letter of Credit - 45 days.
The Letter of Credit to be opened not later than 15 days
before tanker's arrival at the port of loading. Expenses in
connection with the opening, amendment and utilization of the
Letter of Credit to be paid by Buyers.
Should Buyers fail to open the Letter of Credit in time they
are to pay Sellers a fine for each day of the delay, but not
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