License Contract of the Transfer of Technology

4.1 All the payment stipulated in the Contract shall be effected in DEUTSCH MARK (DEM) through an irrevocable letter of credit partial shipment allowed under the I. B. R. D. Loan No.___ for the price for the Technical Know-how, obtained from the World Bank opened in favour of the Licensor.

4.2 The Liceensee shall within thirty (30) working days after ef-fectiveness of the Contract,open an irrevocable letter of credit by the Bank of China, Beijing in favour of the Licen-sor , in a bank in his country nominated by the Licensor and accepted by the Licensor, for an amount equivalent to the to -tal Contract price, the letter of credit shall permit payments as stipulated in Article 4. 3.

4.3 Payment for the Price for the Technical Know-how

4.3.1 10% (ten percent) of the total price for the technical know - how under Article 3, namely----------DEM (SAY: ------------DEUTSCH MARK ONLY) shall be paid after the Licensor has presented the follow-ing documents provided they are in confirmity with the stipulations of the Contract.

A.One photostat copy of valid export license issued by the relevant authorities of the Licensors or Licensor's subcontractor's country, or one copy of the letter issued by the relevant authority of the Licensor's country stating that the valid export license is not required.

B.One original and one copy of the irrevocable letter of guarantee issued by the Licensor's Bank for a sum of 10% of the total price for the technical know-how in favor of the Licensee. The specimen of the little of guarantee is de- tailed in Annex ________ to the contract.

C.Four copies of the proformal invoice covering the the total price for the technical know-how

D.Two copies of the sight draft to be drawn of the Li-censee to the Bank of China, Beijing.

E.Four copies of commercial invoice.The above - mentioned documents shall be presented not earlier than 30 days after effectiveness of the Contract.#p

4.3.2 25%(twenty five percent) of the total price for the techni-sal know - how under Article 3, namely ______ DEM (SAY: ______ DEUTSCH MARK ONLY) shall be paid after the Licensor has delivered the first batch of the Technical Documentation/Software as stipulated in An-nex ____to the Contract and against presentation of the following documents provided they are in confirmity with the stipulations of the Contract: