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27.

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advice No...

All drafts drawn under this credit must be marked:
"Drawn under the..

dated..

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30. The provisions printed on the back hereof are incor31. porated as a part of this advice, which otherwise is to be 32. construed according to the law and custom of the place 33. where the drafts are to be presented.

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7. that they have opened an irrevocable credit available by

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14. Each draft drawn and negotiated under this credit 15. must be accompanied by

16.

17.

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19. purporting to evidence and cover shipment to.

20. Insurance to be effected by.....

21. Our correspondent advises us that their credit is irrevo22. cable provided the relative documents are presented and 23. surrendered at this office not later than...

24. they have not authorized us to confirm it and this advice 25. conveys no engagement on our part.

All drafts drawn under this credit must be marked:
"Drawn under the..

26.

27.

28.

advice No.....

dated..

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29. The provisions printed on the back hereof are incor30. porated as a part of this advice, which otherwise is to be 31. construed according to the law and custom of the place at 32. which the drafts are to be presented.

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21. cable. We hereby engage that drafts drawn under and in 22. compliance with its terms will be duly honored upon pre23. sentation and surrender of the relative documents at this 24. office not later than....

25. All drafts drawn under this credit must be marked: "Drawn under the

26.

29. credit No... .

30.

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The provisions printed on the back hereof are incorpo31. rated as a part of this credit, which otherwise is to be con32. strued according to the law and custom of the place at 33. which the drafts are to be presented.

Very truly yours.

Contract for Sale of Silk Approved by Silk Association of

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Shipping Instructions:

QUANTITY QUALITY WIDTH LGTH. OF PCS.

DESCRIPTION

PRICE

This contract is subject to and governed by the Rules and Regulations of The Silk Association of America to Govern Transactions Between Buyers and Sellers of Broad Silks, as approved December 8, 1920, which are hereby made a part of this contract and for convenience of reference, are printed on the back hereof.

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RULES TO GOVERN TRANSACTIONS BETWEEN BUYERS AND SELLERS OF BROAD SILKS IN THE UNITED STATES OF AMERICA, EXCEPT WHEN OTHERWISE SPECIFIED

As Approved by the Silk Association of America, December 8,

1920

Rule 1. Selling Terms shall be six per cent. ten days, sixty days dating. This means that bills are due and payable at the office of the seller, less a discount of six per cent., in seventy days from date of the invoice, the buyer having the privilege of anticipating the sixty days at the rate of six per cent. per annum within ten days from date of invoice.

Rule 2. Overdue Bills shall be paid upon the basis of a reduction in rate of discount, from the rate of six per cent. stated

above, of one per cent. for each thirty days or fraction thereof beyond sixty days from date of invoice, and having become due net, shall be subject to an interest charge of six per cent. per

annum.

Rule 3. Buyer's Credit. Seller may at any time alter or suspend credit when, in his opinion, the financial condition of the buyer warrants it.

Williston-Section 575;

McLain, etc., Co. v. Trent Rubber Co., 275 Fed. 831.
Pardee v. Kanady, 100 N. Y. 121, 2 N. E. 885;

Wilton v. Berger, 196 App. Div. 121, 187 N. Y. Supp. 487;
Lyonette v. K. Wilbur Dolson, 187 App. Div. 473, 175 N. Y.
Supp. 789;

Melnick v. Borden, 185 N. Y. Supp. 305;

Siegel v. Huebshman, 187 App. Div. 548, 176 N. Y. Supp. 71. Aff'd 230 N. Y. 571-(without opinion);

Blumenthal v. Radow, 225 N. Y. 641, 121 N. E. 890; Corn Products Refining Co. v. Fasola, 94 N. J. Law 181, 109 Atl. Rep. 504.

Rule 4. Strikes and Casualties. Seller shall not be liable because of late or nondelivery due to strikes, fires or other causes beyond his control.

If by reason of any of the above causes, the production of the seller shall be partially or wholly curtailed, then the deliveries may be either proportionately or wholly suspended as the case may be, and resumed upon the removal of the difficulty and continued until the entire quantity purchased hereunder has been delivered; provided that if such delay in delivery of any portion shall be for more than 30 days, the aforesaid undelivered portion may be cancelled by the buyer, who shall, when requested by seller, state in writing whether he will elect to cancel. If the total period of delay in delivery of any portion due to any of the above causes exceeds 90 days, seller shall have the right to cancel such undelivered portion.

Davids v. Hoffman LaRoche Chemical Wks., 178 App. Div. 855, 166 N. Y. Supp. 179.1

1 See also clauses and cases cited at pages 677-680.

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