Common use of PROOF OF PRODUCT Clause in Contracts

PROOF OF PRODUCT. Full POP shall be provided by seller after receipt of a non-operative letter of credit acceptable to seller and seller’s bank by Swift MT799. Or a partial POP can be provided in form of an AFFIDAVIT, CONFIRMED BY THE SELLERS BANK when a payment of $30,000 “Buyers Good Faith Deposit” has been received into an Escrow Account. The $30,000 is fully refundable when the buyer has fulfilled his obligations under this contract. Should the buyer, after signing this agreement, fail to deliver the non-operative LC within the time frame of 30 days or for any other reason breach this agreement, the seller has the right to cancel this agreement and keep the “Buyers Good Faith Deposit” for defaulting of this agreement.

PROOF OF PRODUCT. Full POP shall be provided by seller after receipt of a non-operative letter of credit acceptable to seller and seller’s seller‟s bank by Swift MT799. Or a partial POP can be provided in form of an AFFIDAVIT, CONFIRMED BY THE SELLERS BANK when a payment of $30,000 “Buyers Good Faith Deposit” has been received into an Escrow Account. The $30,000 is fully refundable when the buyer has fulfilled his obligations under this contract. Should the buyer, after signing this agreement, fail to deliver the non-operative LC within the time frame of 30 days or for any other reason breach this agreement, the seller has the right to cancel this agreement and keep the “Buyers Good Faith Deposit” for defaulting of this agreement.