Form of payment: By Letter of Credit (L/C) Irrevocable, divisible, non-transferable, operative and active for the total contract amount USD xxxxxxxxxxxxxxxxxxxxxx.xxx.xxx.xxx (United state dollars xxxxxxxx.xxxxxxxxxxxxxx.xxxxxxxxxxx.xxxxxxxxxxxxxxxxx), deposit by the full contract period plus one month (395 consecutive days) per a bank 25 TOP ranking, bank list (http://www.bankersalmanac.com/addcon/infobank/wldrank.aspx). Payments will be released by the amount of each B/L, SGS is presented in the buyer bank together with documents of shipping contract as detailed in clause No. 8 and the same as those detailed in this document bearing the inscription: DOCUMENTS REQUIRED FOR PAYMENT. The site of releasing of funds or payment will be in the port of destination at vessel arrival. Incoterms 2000 (Set of international rules for the interpretation of terms used in international trade) Bank list 50 TOP: http://www.bankersalmanac.com/addcon/infobank/wldrank.aspx PBG: 2% PB (Performance Bond Guarantee) to be provided by the seller’s bank to the buyer bank in the form of unencumbered, irrevocable, divisible, confirmed SBLC/PBG for each vessel two days before loading.