Payment guarantees. In the event that the Seller grants Credit to the Buyer, he shall demand to the Buyer, before beginning the operations, to guarantee the payment of the Product at the supply moment through a bond or a promissory letter or any other kind of guarantee, in the form, amount and life that the Seller determines. The bond shall be issued by any institution that has executed any prior bond agreement with the Seller. If the guarantee is a promissory letter, it shall be issued under the terms fixed by the Seller and it could be obtained by the Buyer’s bank of preference.
Appears in 3 contracts
Sources: Fourth Modifying Agreement to the Purchase and Sale Agreement of Anhydrous Ammonia (Innophos Investment Holdings, Inc.), Purchase and Sale Agreement (Innophos, Inc.), Fourth Modifying Agreement to the Purchase and Sale Agreement of Anhydrous Ammonia (Innophos Mexico Holdings, LLC)