Unit Eighteen:511. Payment by L/C is our method of trade in such commodities.512.Our usual terms of payment are by an irrevocable L/C to be established in the seller’s favour through the bank of China.513.For exports, we usually adopt irrevocable letters of credit available by seller’s documentary drafts at sight.514.We usually make payment by letters of credit or adopt some other modes of payment such as immediate payment, deferred payment and payment by installments.515.We have opened an L/C in your favor through the Bank of China for an amount of ￡17,000 to cover the full CIF value of our order No 754.516.We will start the payment in half a year and all the amounts will be cleared off within 3 years by six installments.517.We prefer to have the payment made by L/C through the negotiating bank in Sweden.518.Payments shall be made by us after receipt of the shipping documents specified in clause 10 of this contract.519.We shall open a letter of credit in your favor to be settled in US dollars.
