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BANK COMFORT LETTER
(ON BANK LETTERHEAD)
(Please note two bank officers must sign this letter)
TO:____________ (The Seller / The Seller's Bank) DATE:______________
We, _________________ (Full Name & Address of the Bank) would like to confirm that ________________________ (Full Name of the Buyer) __________________ are engaged in the Oil Business since ________ (Date). We, (Name of the Bank) ______________ would like to acknowledge also that we have been informed by our client that they are planning to purchase 1,600,000 barrels per day (One million six hundred thousand barrels per day) of Saudi Light Crude Oil for a period of 36 (Thirty Six) months and the draft copy of the contract for this deal has already been duly initialized by our client / client's Mandate who is legally authorized and notarized by a notary public.
We, under penalty and perjury, hereby irrevocably, unconditionally, officially and with full responsibility, as the bank of our client, confirm the financial capability of our client to ensure the successful completion of the contract at the rate of 1,600,00 barrels per day for its entire 36 (Thirty Six) months duration and we __________________ (Name of the Bank) _________ irrevocably and unconditionally undertake to open operative, confirmed, once transferable and revolving Letter of Credit to cover the entire 36 month period of the contract in favor of ______________ (Seller Name) ________________ this L/C, valid for the entire period of the contract.
We irrevocable also undertake that it will be revolved untill the entire period of the contract automatically and adjusted against dispatch of each and every cargo and the terms and conditions of which Letter of Credit are acceptable to
MIS ______________________________________________________________
This letter has been issued solely in relation to the above-mentioned contract.
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BANK OFFICER'S
SIGNATURE:
FULL NAME:
FULL TITLE:
DATE: |
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BANK OFFICER'S
SIGNATURE:
FULL NAME:
FULL TITLE:
DATE: |
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::: Related information :::
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