For letters of credit that are not confirmed by the Bank, we agree that any negotiation pursuant to this application will be with full recourse to us for the bill amount in the event of non-acceptance or non-payment for any reason whatsoever. As an independent and separate stipulation we agree to indemnify you on a full indemnity basis for any loss,cost or expense suffered by you in connection with such non-payment or non-acceptance and to pay you interest thereon at the prevailing rate or at such rates as may be fixed by you from time to time.
We irrevocably and unconditionally undertake and agree that where any goods and services tax or other taxes levies or charges whatsoever are now or hereafter required imposed or enforced by law or required to be paid on or in respect of any monies (including fees payable to the Bank or its agent banks or any fees costs and expenses incurred by the Bank or its agent banks) shall be borne by or chargeable to us and payable to us the Bank on demand in addition to all other monies payable to Bank and the Bank is entitled to debit any of our account with the Bank for payment of the Bank’s commission, expenses, costs(legal or otherwise)and agent charges if any together with such taxes under or in connection with or in respect of this transaction.
(For international transactions only)We undertake that the transaction in relation to the Bill submitted for negotiation shall comply with all the rules and regulations for the administration of foreign exchange in PRC at any time and from time to time and shall further be submitted based on genuine trading background. The approvals, records and /or registrations (if any) that may be necessary and required by any governmental or regulatory body or relevant competent authority in respect of the payment of the foreign exchange under the Bill to us shall have been obtained or completed and shall not have been withdrawn or revoked. The relevant Foreign Currency Clearance Sheet and the International Income Declaration (or the documents evidencing our Foreign currency Clearance Number)are attached herewith for your record. We shall indemnify you against all losses, costs, damages, interests, expenses, claims and demands that you may incur on account of our failing to duly perform the above duites.
The negotiation/discount of the bills would be subject to the Uniform Customs&Practice for Documentary Credits 1993 Revision ICC Publication No.500
This Agreement and Indemnity shall be governed by and construed in accordance with the laws of the People’s Republic of China and I/we hereby irrevocably submit to the non-exclusive jurisdiction of the courts in the People’s Republic of China.
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