25% (twenty five per cent) of the total Contract Price i.e. USD 24,750,000.00 (Twenty Four Million Seven Hundred Fifty Thousand USDs), shall be paid by an irrevocable, and divisible Letter of Credit to be established within 4 (four) weeks after signing of this Contract by the Purchaser through the Myanmar Foreign Trade Bank, Yangon, Myanmar with 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.
This nomination shall be made by the Contractor within 4 (four) weeks from this Contract coming into force. Payment out of the Letter of Credit shall be made against each partial CIF Yangon by presentation of the following documents to the Contractor's nominated Bank.