Note: in case of non-payment within the required period (5days), IME shall calculate a daily penalty equivalent to 0.25% of the value of the value of the contract effective from the date of the execution of the transaction for 10 days and the amount of penalty shall be paid by the buyer through its broker.
In case of non-payment within 10 days, the contract will be considered null and avoid and the buyer’s broker is obliged to pay all the relevant fees and a total penalty equivalent to 2.5% of the contract value to the seller via IME.
- Settlement through LC or Bank guarantee: the buyer is required to submit the “preadvice” within maximum 5 days after execution of the transaction and to submit the FullTelex or Bank Guarantee to the seller within 10 days latest. In case the buyer fails to open a workable LC or issue Bank Guarantee in favor of the seller within the required period (10 days), IME shall calculate a penalty equivalent to 0.25% of the value of the contract calculable on a daily basis effective from the date of execution of the transaction until the permitted period (10 days) and the amount of penalty shall be paid to seller through buyers broker.
- In case the LC is not established or Bank Guarantee is not submitted within 10 days, the contract will be considered null and avoid and the buyer broker is obliged to pay all the relevant fees and a total penalty equivalent to 2.5% of the contract value to the seller via IME.
- The seller is obliged to deliver the traded goods to the buyer after the settlement is completed within 72 hours from the delivery date mentioned in the offer notification and in case