5% (five per cent) of the total Contract Price i.e. USD 4,985,607.09 (Four Million Nine Hundred Eighty five Thousand Six Hundred Seven USDs and Nine CENTs) shall be paid within 45 (forty five) days after signing of this Contract. Above payment shall be made by telegraphic remittance through the Myanmar Foreign Trade Bank at Yangon, Myanmar to the Contractor's Account in Bangkok Bank Public Company Limited, Thailand in the country of the Contractor, which must be correspondent bank and advised through the Myanmar Foreign Trade Bank, Yangon, Myanmar. Remittance for the Down Payment shall be effected only after the receipt of Contractor's Down Payment Bank Guarantees as refund bond for the same amount acceptable to the Purchaser to be established not later than 10 (ten) days prior to date of each payment in favor of the Purchaser by the Contractor's nominated Bank through the Myanmar Foreign Trade Bank at Yangon, Myanmar. This Down Payment Bank Guarantee shall be valid only when and after the payments by the Purchaser under this Sub-clause (a) has been made and be reduced automatically and sequentially by the percentage of the Contract Value of the total Contract Price for which CIF Yangon has been confirmed on presentation of shipping documents to the Contractor's nominated Bank, by the Contractor and expire with the final invoiced CIF Yangon under this Contract. All expenses and costs payable in connection with the above mentioned Down Payment Bank Guarantee shall be on account of the Contractor. Form of Down Bank Guarantee attached hereto as Annexure (4).