Practice Drills

Read and translate Contract No.2 using the above translation of the Contract No.1.

Contract No. 2

Moscow

April 11, 2010

Objedinenije «Russoimport», Moscow, hereinafter referred to as the «Seller» on the one part, and Messrs. _________, hereinafter referred to as the «Buyer» on the other part, have concluded the present contract whereby it is agreed as follows:

1. SUBJECT OF THE CONTRACT

The Seller has sold and the Buyer has bought CIF (FOB, FOR) the goods specified in the enclosed appendix, showing specifications, quantities, prices and delivery times of the goods and constituting an integral part of the present contract.

2. PRICES

The prices are fixed in__________________ and understood CIF (FOB, FOR)____________ export packing and marking included.

All expenses incurred on the territory of ______________ in connection with the present contract (duties, taxes, customs, etc.) are to be paid by the Buyer.

3. QUALITY

The quality of the goods sold under the present contract shall be in full conformity either with the State standards existing in Russia or with the technical conditions ruling at the manufacturing works.

4. TIME OF DELIVERY

The goods sold under the contract shall be delivered within ________ months after the signing of the contract.

The date of the Bill of Lading (or: Railway Bill) shall be considered as the date of delivery.

5. DELIVERY AND ACCEPTANCE OF GOODS

The goods are considered to be delivered by the Seller and accepted by the Buyer:

a) in respect of quantity – according to the number of cases and the weight as shown on the Bill of Lading (or on the Railway Bill);

b) in respect of quality – according to the Manufacturer’s certificate issued by the manufacturing works or by the Seller.

6. TERMS OF PAYMENT

Payment for the goods to be delivered under the present contract is to be effected in ____________________________ in accordance with the Trade Agreement between the Governments of Russia and ________________________ dated the __________________________ by an irrevocable confirmed Letter of Credit to be opened by the Buyer with the Bank for Foreign Trade of Russia Moscow, in favour of the Seller within 10 days of receipt of the Seller’s notification of the readiness of the goods for shipment The Letter of Credit to be valid _______days

The payment of the credit is to be made against the following documents:

1) Invoice; 2) Bill of Lading (or Railway Bill).

All expenses connected with the opening of the Letter of Credit are to be borne by the Buyer. Part shipments and transhipment are permitted. Insurance to be made to the amount of 110 per cent of the value of the goods.

7. Packing and marking

The goods shall be secured and properly packed to withstand both overseas and overland transport as well as transhipment.

Each package shall be provided with marking showing the place of destination, name of Consignee, description of goods, contract number, case number, gross and net weight.