(1) The contract is entered into between the Sellers who agree to sell and the Buyers who agree to buy the following goods on the terms and conditions as set forth below:
Name of commodity:
Quantity (with3% more or less):
Time of shipment:
Port of loading and Discharge:
(2) Terms of Payment:
By Confirmed, Irrevocable and Divisible L/C in favor of ×××，allowing transshipment and partial shipments.
The Letter of Credit shall reach the Sellers before ----and remain valid at above loading port until the 15th day after the aforesaid time of shipment .If the Buyers fail to open the Letter of Credit in time, the Sellers shall have the right to cancel this sales contract without further notice and /or claim on the Buyers for losses resulting therefrom.