Earnest money required is Euro€ 15000. This amount will be sufficient for all tender sales and sealed tender (quotation) sales to be held during the month. Earnest money must be in stand-by L/C form. For areas where stand-by L/C's are not convenient, bank guarantees will be accepted. Validity shall be minimum four months. Telex transfers or cash deposits are not accepted.

Payment Terms: Payment by L/C's allowing payment against ready accepted cargo (PAA L/C's). For example, "Payment may be claimed against ready accepted logs prior to shipment.Bills of Lading and documents that can be issued only after shipment shall be sent directly to the opening bank or to the buyer". Reimbursement by telex transfer is also required:-
TTR Clause: Reimbursement by Telex Transfer allowed. The Negotiating Bank may claim reimbursement telegraphically on the Issuing Bank by tested telex / swift advice certifying that all terms and conditions of the credit have been complied with "Upon receipt of such claim, reimbursement shall be made by telex within (7) working days".

Sales Basis:- We only sell on FOB basis.

L/C must be opened within 30 days from the date of tender. If L/C is not opened after 45 days, earnest money Euro€ 15000 will be confiscated. If L/C is not opened by the 45^th day, the successful lots will be withdrawn and re-tendered.

The successful lots must be shipped out within 90 days from the date of tender. If the lots can not be shipped out in time, ground rent will be charged from the 91^st day onwards at current rates.

The successful lots must be shipped within 90 days from the date of tender. If the successful lots are not shipped after 90 days, earnest money Euro€ 15000 will be confiscated. If the successful lots (For normal L/C lots) are not shipped after next 60 days (i.e. one hundred and fifty days from the date of sales) the lots will be withdrawn and re-tendered.

If the lots are returned to seller, then the defaulting bidder shall be suspended in future sales for a period of time. Earnest Money Euro€ 30000 will be required for participation after the penalty period. Further default could result in blacklisting of the company.

Ground rent L/C's requirement is Euro€ 5000. Areas subject to ground rent levy, shall be required to establish ground rent L/C's. This ground rent L/C is a requisite for tender participation, and may be incorporated into the earnest money L/C's, if it is more convenient. Japan, Europe, and areas where we have the sole choice of shipment by Myanma Five Star Vessel, ground rent L/C's are not required.

If the need arises to confiscate the earnest money due to default, we will inform the defaulter prior to confiscation, so that we can consider carefully the reasons for non-compliance. But earnest money once confiscated will not be considered for refund.

Bids made on behalf of a foreign company must be signed by the authorised company official or a local representative who is registered as a trade representative at the Ministry of Trade. If it is a local company, the company will have to open an L/C in their local company's name.

New Buyers: New buyers need to furnish company registration and banker's reference.