1. The risk guaranty money and the letter of guarantee shall be irrevocable and unilaterally drawable to the joint venture.

2. The Letter of Guarantee shall be decreased proportionally with the Seller's partial deliveries.

3. This Letter of Guarantee should be returned to our Bank after its expiration.

4. This Letter of Guarantee shall come into force upon its issuing date and shall remain valid until sixty (60) days after the date of Bill of Lading of the last shipment.

5. You should produce a similar Letter of Guarantee jointly signed by two banks.

6. The letter of guarantee for RMB at equal value issued by the deposit bank shall be simultaneously provided in case the foreign exchange quota is mortgaged as guarantee.

7. During the contractual term the contractor shall, in the first quarter of each year, submit to the joint venture risk guaranty money, letter of guarantee or risk deposit.

8. There are many settle accounts patterns in international trade, such as Open Account, Documentary Letter of Credit, Standby Letter of Credit, Letter of Guarantee, International Factoring, etc.

9. In addition to cash, the bid deposit may be provided in the form of a bank letter of guarantee issued by a bank, certified cheque, bank draft or money order.

10. As this is a large project we require a letter of guarantee from an acceptable bank.

11. As this is a large project involving a larger amount of capital, we required a letter of guarantee from an acceptable bank.

12. According to international practice, bidder need to hand in a cash deposit or letter of guarantee from the bank.

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13. During the contracting term the contractor shall, in the first quarter of each year, submit to the joint venture risk guaranty money, letter of guarantee or risk deposit.

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