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Notice of Readiness

Notice of Readiness to load shall be tendered to and accepted by SELLER upon arrival at Loading Port, after free pratique and customs formalities and when vessel is in all respects ready to load.
Lay time shall commence upon the tendering and acceptance of Notice of Readiness. Lay time for the purpose of calculating dispatch money and demurrage shall terminate when cargo has been loaded ,stowed and seaworthy trimmed by SELLER.

Issuance of Bill of Lading

Issuance of Bill of Lading Bill of Lading shall be issued to the SELLER within (3) banking days after the departure of the vessel from the port of loading in order for the SELLER to deal with the banking requirements for the payment of the LC. Under any circumstances, a penalty of (0.035%) of the contract price for that particular shipment shall be imposed for each day of delay to the BUYER in the event of non issuance of BL by the ship owner or agent within the prescribed period until the SELLER has received the original BL. The penalties shall be computed and will be included as part of the final payment

Demmurage and Disptach

If a Shipment is not loaded within the allowable lay time, SELLER shall pay to BUYER demurrage money in respect of the time by with the allowable lay time has been exceeded. When allowable lay time has been exceeded, the ship shall remain on demurrage until completion of loading. demurrage shall be paid(in US$) by SELLER to BUYER in accordance with the provisions of this Contract.

In calculating demurrage or dispatch, part of a day shall be included pro rata in the calculation. DEM/DES:USD13000/6,500 PD PR/DHD WTS AT BENDS each shipment.

Within 5 (Five) days upon completion of loading, seller / buyer shall send lay time sheet, original statement of fact, notice of readiness to buyer / seller to claim and asking for settling demurrage / dispatch. Demurrage or dispatch amount must be settled by buyer / seller within 15 (Fifteen) days from date of claiming.