Terms of Payment By irrevocable letter of credit for 90% of the total invoice value of the goods to
Terms of Payment
By irrevocable letter of credit for 90% of the total invoice value of the goods to be shipped, in favor of the Sellers, payable at the issuing bank against the Sellers'draft at sight accompanied by the shipping documents stipulated in the Credit. The balance of 10% of the proceeds is to be paid only after the goods have been inspected and approved at the port of destination.