APPLICATION FOR EXPORT PRE-SHIPMENT & OPEN ACCOUNT POST-SHIPMENT FINANCING TERMS AND CONDITIONS
In consideration of you granting to us the financing requested for, we hereby agree to all terms and conditions stipulated below as well as the terms and conditions set out in your general banking terms and conditions as well as any letter of offer or any facility letter from you to us.
Irrespective of the type of financing provided or to be provided to us and without prejudice to the provisions set out below, we warrant and/or agree that:
- There is a genuine, underlying transaction for the sale / purchase of the goods which are the subject of the Application (the “Goods”).
- We will at your request provide other documents evidencing the transaction.
- We have not obtained and shall not obtain any other form of type of financing from any party other than you for the Goods or any letter of credit issued in our favour in respect of the Goods (the “Letter of Credit”).
- We will repay you the full amount of loan or financing extended to us on due date as well as all outstanding interest, charges and commissions due to you.
- On maturity of the loan, you are authorised to deduct our account with you and we undertake to indemnify or repay you of all outstanding amounts including principal, interest, charges and commissions.
We agree to fully indemnify DBS Bank Ltd and its overseas branches and subsidiaries and other banks under DBS Group Holdings Ltd (collectively hereinafter referred to as “DBS”) and/or its agents on demand against all actions or claims commenced against, demands, costs, payments, expenses, liabilities, losses, disbursements, payments of whatsoever nature now or hereafter incurred or to be incurred by DBS or by any agent, correspondent, officer or employee of or for whom DBS may be answerable for anything done or omitted to be done in connection with or arising out of the performance of terms and conditions contained in this Application.
Without prejudice to the foregoing, and in consideration of your agreeing to act on our telephone and/or fax instructions pertaining to or in connection with this Application without counter-checking with us or our original instructions being sent to you subsequently or our written confirmation of such instructions, we hereby undertake to indemnify you from and against all liabilities, claims, demands, actions, proceedings, losses, payment, expenses and all other liabilities of whatsoever nature or description which may be suffered by you in relation to your acting on such authorization. We hereby waive any rights, claims, actions or proceedings we may have against you for any losses or liabilities we may suffer as a consequence of your acting on such instructions including any loss or damage rising from you having acted on instructions from parties purporting to be us, our agents or servants
In the event that you provide us with Pre-Shipment Finance,
- We agree to deposit the Letter of Credit issued in our favour with you and to nominate you, either as negotiating bank or collecting bank of the Letter of Credit, at your option.
- We undertake to deliver to you shipping and other documents to be presented under the Letter of Credit / Sales Contract.
- We warrant that the loan extended to us herewith would be used solely to purchase the Goods in performance of a genuine contract of sale with the applicant of the Letter of Credit.
- We agree to repay the loan extended to us immediately in the event that we do not or are unable to ship part or all of the Goods.
The Contracts (Rights of Third Parties) Act 2001 does not apply to confer any rights on any party who is not a party to this Application.
This Agreement is governed by Singapore law and parties agree to the non-exclusive jurisdiction of Singapore Courts.
By ticking on this box and by printing and submitting to you the application for Export Pre-shipment and Open Account Post-Shipment Financing which follows, we have read, understood and acknowledged the Terms and Conditions for Export Pre-shipment and Open Account Post-Shipment Financing Application and fully authorize the Bank to proceed with the provision of the service. We also understand and agree that the Bank may modify the Terms and Conditions for the Application for Export Pre-Shipment and Open Account Post-Shipment Financing without prior notice to us at any time.