FORM OF CONTRACT FOR THE SALE OF OIL PRODUCTS
Contract No.

For Oil Products in Bulk, c. i. f. Terms
Kyiv                                                                Date ..............
This contract is made between Objedinenije "Prodexport" Kyiv, hereinafter called "Sellers" and .... hereinafter called "Buyers'", whereby it is agreed as follows:

1. SUBJECT OF THE CONTRACT

Sellers have sold and Buyers have bought с i. f.............

2. QUALITY

The goods sold under the present contract shall be of the
following specification:.......................................................

3. PRICE
.......................................................

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 of delivery.

5. PAYMENT

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 Buyers in ... with the Bank for Foreign Trade of Ukraine, Kyiv, or with ... in favor of Sellers for the value of each lot of the goods to be shipped plus 10%. The Letter of Credit to be valid 45 days.
The Letter of Credit to be opened not later than 15 days before the agreed time of shipment of each lot of the goods. 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 more than for 20 days, at the rate of 0.1 per cent, of the amount of the Letter of Credit and in that case Sellers shall have the right not to load the tanker until the Letter of Credit has been opened. Should the delay in the opening of the Letter of Credit exceed 20 days, Sellers shall have the right to refuse to deliver the goods which were to be paid for out of this Letter of Credit. And in all the above cases demurrage and dead freight paid by Sellers in connection with the delay in the opening of the Letter of Credit are to be repaid by Buyers. Payment out of the Letter of Credit is to be made against presentation by Sellers to the Bank for Foreign Trade of Ukraine in Kyiv of the following documents:
Commercial invoice.
Insurance Policy or Certificate of Ingosstrakh of Ukraine:

..............................................................................................................................................
In case of the opening of the Letter of Credit with another Bank, payment is to be made against a telegram of the Bank for Foreign Trade of Ukraine, Kyiv, acknowledging the receipt of the above documents.
The rate of exchange of U. S. dollars into......................