Ⅴ. Prepare a sales contract for the transaction stated in the following letter: (10%)
CONTRACT
NO. 92/546
Sellers: China National Garment Export Corporation
Buyers: Hamburg Garment Company
This Contract is made by and between the Buyers and the Sellers, where by the Buyers agree to buy and the Sellers agree to sell the under-mentioned commodity according to the terms and conditions stipulated the below:
Commodity: Tiantan Brand Men's Shirts
Specifications: PMC 9-71323 Blue, Yellow, White equally assorted, S/3, M/6 and L/3 per dozen
Quantity: 3,000 dozen
Unit Price: at ￡ 47.50 per dozen CIF Hamburg
Total Value: ￡ 142,500
Packing: half a dozen to a paper box, 10 dozens to a carton
Insurance: to be covered by the sellers against All Risks and War Risk for 110% of the invoice value
Time of Shipment: September 1992, with transhipment and partial shipments allowed
Port of Shipment: China Port
Port of Destination: Hamburg
Shipping Marks: at sellers' option
Terms of Payment: by irrevocable L/C payable by draft at sight, to reach the sellers 30 days before shipment and remain valid for negotiation in China till the 15th day after the final date of shipment.
Done and signed in Beijing on this 3rd day of August, 1992.
Ⅳ. Write a letter in English asking for amendments to the following letter of credit by checking it with the given contract terms: (15%)
Dear Sirs,
Thank you very much for your Letter of Credit No. BOC 92/10/05. However, upon checking, we have found the following discrepancies and would appreciate it very much if you will make the necessary amendments as early as possible so as to facilitate our shipping arrangement:
1. The amount of the credit should be CAN $ 125,000 (Say Canadian Dollars one hundred and twenty-five thousand only) instead of CAN $ 120,000.
2. The Bill of Lading should be marked "freight prepaid" instead of "freight to collect".
3. Please delete Insurance Policies (or Certificates) from the credit.
4. The port of destination should be Vancouver instead of Montreal.
5. The goods are to be in tins of 340 grams instead of 430 grams.
6. The credit should expire on Dec. 15, 1992 for negotiation in China instead of Nov. 30, 1992.
We await your early amendments.
Yours faithfully
