APPLICATION AND AGREEMENT FOR COMMERCIAL LETTER OF CREDIT

Source of funds at ruling rate: WDAS EXPORT PROCEEDS

Applicant’s Name Date D DMMYY

Applicant’s Address

Email Address

Beneficiary’s Name

Beneficiary’s Address

Email Address

Subject to the following terms and conditions, please issue and transmit by SWIFT your
Confirmed Unconfirmed Transferable Deferred Credit

To be available by DRAFT at Sight Usance Days

Amount
Description of goods

per proforma invoice no dated

Accompanied by the following documents which are indicated by ‘X”
1 Combined Certificate of Value and Origin (CCVO) - 2 original and 3 copies

2 Manufacturer’s Certificate of Production stating standards adopted- 2 original and 2 copies OR

Laboratory Test Certificate (In case of Chemicals and Pharmaceutical Products) - 1 original and 1 copy OR

Phytosanitary Certificate (As Applicable) - 1 original and 1 copy

3 Packing List indicating gross weight - 2 original and 3 copies

4 Clean on Board Ocean Bills of Lading in original plus copies Issued to

the order of United Bank for Africa Plc, 57, Marina, Lagos, Nigeria, marked “FREIGHT PREPAID”
and notify OR
Airway Bills in 1 original and 3 copies issued by the airline or agent evidencing goods placed on
board the aircraft, endorsed/consigned to United Bank for Africa Plc, 57 Marina, Lagos, Nigeria marked
“FREIGHT PREPAID” and notify OR
Way Bills in original and copies Issued to the order of United Bank for Africa Plc, Lagos, Nigeria,
marked “FREIGHT PREPAID “ and notify
Port of Loading Port of Destination/Discharge
Latest Shipment Date Expiry Date
Partial Shipments Allowed Not Allowed
Transhipment Allowed Not Allowed
All charges outside Nigeria are for Applicant Beneficiary
Beneficiary’s Bank
Special Instructions

IT IS MANDATORY TO SIGN THE REVERSE SIDE OF THIS APPLICATION

 TERMS AND CONDITIONS
1. In the absence of any special arrangements, all amounts paid by you under the credit will be repayable by us/me
forthwith.

2. In consideration of our opening this letter of credit on my/our behalf, we/I undertake to provide you with all necessary
funds to meet the payment under the letter of credit and also undertake to pay your commissions, costs, charges, and
reimburse you for any sums disbursed by you and/or any advising or negotiating or correspondent bank selected by you
together with interest where applicable and indemnify you and keep you indemnified against all liabilities incurred by you.

3. When this document is signed by two or more parties, we hereby declare our liability hereunder as joint and several,
consequently my/our liability to you is to continue in force and to be applicable to all transactions entered into hereunder,
notwithstanding any change or any composition in the firm(s) ,parties thereto or in the beneficiaries hereunder.

4. I/We undertake that the goods shall be kept insured to the Bank’s reasonable satisfaction and that if not included in the
documents required under this Credit I/We will at your request, deposit the insurance documents with you or produce them
for your inspection at any time and if required arrange for your interest to be notified to the insurers and noted upon the
policies.

5. I/We acknowledge that you are to have the full ownership in and right of possession and disposal of the bills of lading,
policies/certificates of Insurance and other documents, and of the goods represented thereby or mentioned therein,
together with the proceeds of sales thereof and claims made there under as security for all monies for which I/We are or may
become responsible to you under or in respect of the Credit, and that you are to have a full power of sale over the said goods
without notice to us. I/We authorize you to collect the amount due under any insurance and I/We undertake to take such
steps you may require to collect on your behalf or to enable you to collect the amount of any such claims.

6. Should I/We wish to raise any objection or claim in relation to documents taken up under this Credit, I/We agree to give
you notice of the objection or claim, or of our intention to raise any objection or claim, within three days of our receiving the
documents from you or inspecting them at your office. In the absence of any such notice or so far as any such notice shall not
extend, you will be entitled to assume that we have accepted the documents as in order, and I/We shall be precluded from
raising any objection or claim at a later date.

7. If I/We have requested you or shall request you to collect the value of documents taken up by you under this Credit, you
agree to do so for our account and at our risk and on the basis that all charges and expenses in connection therewith will be
payable by us. It is further agreed that you shall not be responsible for any negligence or default on the part of any
correspondents or agents, who may be employed, whether nominated by you or by your or our correspondents or agents
nor for any loss arising from any Bill of documents, or from any failure or delay in presenting, protesting or returning any
unpaid bill, or from any moratorium or governmental decree or order, or from any cause whatsoever outside your control or
the control of any correspondents or agents.
8. I/We hereby authorize you to debit my/our account with all sums which may become due to you in respect of this credit,
including your commission, Interest where applicable and all charges and expenses incurred by you, your agents, officers
and/or your correspondents.

9. I/We agree that in addition to a general lien or similar right to which you as Bankers maybe entitled by law, you may at any
time and without notice to me/us combine/consolidate all or any of my/our accounts with any liabilities to you and set off or
transfer any sum or sums standing to credit, be it cash ,cheques, valuables, deposits, securities, negotiable instruments or
any other assets belonging to me/us with you in or towards the satisfaction of any of my/our liabilities to you or any other
account or in any other respect whether such liabilities be actual, contingent, primary or collateral, several and joint.

10. I/We hereby undertake to accept responsibility for all Exchange Risks incurred in connection with the above letter of
Credit and that the release to us of any documents relating to the Credit and/or payment to you by ourselves of any sum in
Nigeria Currency, shall in no way limit our aforementioned undertaking and amount due as a result of any exchange
variation arising from the foreign currency concerned. However, The Bank is absolved from any liability arising out of
compliance of any law or regulation which shall prohibit the purchase of foreign exchange under this transaction.

11. We undertake to present to you all necessary Exchange Control Documents (Customs Single Goods Declaration Form,
Customs Import Payment schedule, Tally Sheet/Terminal Delivery Order/Gate Pass) and other relevant documents required
by the relevant regulatory bodies within 90days from the date of negotiation by your overseas correspondent bank.

12. THE CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDIT
(2007 REVISION) ICC BROCHURE NO. 600

N50 Stamp

AUTHORIZED SIGNATORY AUTHORIZED SIGNATORY