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Irrevocable Commission Payment
Order (ICPO) /SAMPLE/
This page
contains an example of Irrevocable Commission Payment Order
(ICPO).
(To
publish this document here we have used various sources
both online and off-line - last updated in May, 2004.)
Irrevocable
Commission Payment Order
DATE OF ISSUE :
TRANSACTION NUMBER # :
CONTRACT NUMBER # :
ICPO NUMBER # :
BUYER
COMPANY :
PAYMASTER
COMPANY : :
CITY :
COUNTRY :
TELEPHONE # :
TELEFAX # :
BENEFICIARY
COMPANY :
BANK DETAILS
BANK NAME :
PAYMENT ORDER VALUE
COMMODITY :
QUANTITY :
QUANTITY PER TRANCHE :
COMMISSIONS :
COMMISSIONS PER TRANCHE :
TOTAL COMMISSION VALUE :
IF AND WHEN THE LETTER OF CREDIT IS EXECUTED FOR PER SHIPMENT
VALUE AND THE SHIPPING DOCUMENTS HAVE BEEN PRESENTED FOR
REIMBURSEMENT, PAYMENT OF THE COMMISSIONS SHALL BE MADE
BY WIRE TRANSFER TO THE BENEFICIARY NAMED HEREIN BY THE
PAYMASTER (ABOVE) WITHOUT PROTEST OR DELAY, PAYABLE WITHIN
05 (FIVE) BANKING DAYS OF WIRE TRANSFER PAYMENT TO THE PAYER'S
ACCOUNT FOR THE MASTER IRREVOCABLE COMMISSION PAYMENT ORDER
(ICPO) FOR THE ABOVE TRANSACTIONS AND WITHOUT ANY DEDUCTIONS
EXCEPT BANK
TRANSFER FEES. THE UNDERSIGNED PAYER HEREBY GUARANTEES WITH
FULL RESPONSIBILITY AND AUTHORITY UPON THE CLOSING OF EACH
AND EVERY DELIVERY IN THE ABOVE REFERENCED TRANSACTION,
TO PAY THE UNDERSIGNED BENEFICIARY THE ENTITLEMENT HEREIN
STATED. THIS IRREVOCABLE COMMISSION PAYMENT ORDER IS VALID
UPON COMMENCEMENT OF THE TRANSACTION HEREIN STATED AND SHALL
REMAIN VALID AND ENFORCEABLE FOR THE FULL TERM OF THIS TRANSACTION
AND SHALL APPLY TO ANY AND ALL RENEWALS, EXTENSIONS, ROLL-OVERS,
ADDITIONS OR NEW AGREEMENTS BETWEEN THE BUYER AND THE SELLER,
THEIR SHAREHOLDERS AND/OR ASSIGNEES.
THIS
IRREVOCABLE COMMISSION PAYMENT ORDER IS CONDITIONAL, ASSIGNABLE
AND DIVISIBLE. THE SELLER'S CODES (WHICH SHALL BE ASSIGNED
UPON EXECUTION OF THE ABOVE REFERENCED CONTRACT), SHALL
ALWAYS REMAIN THE SAME AND SHALL NOT BE CHANGED UNTIL THIS
TRANSACTION HAS BEEN COMPLETED, INCLUDING ANY RENEWALS,
EXTENSIONS, ROLL-OVERS ETC.... WITHOUT THE WRITTEN CONSENT
OF ALL PARTICIPANTS INCLUDING THE BENEFICIARY OF THIS IRREVOCABLE
COMMISSION PAYMENT ORDER.
ALL
PARTIES HEREBY AGREE NOT TO CIRCUMVENT, NOR ATTEMPT TO CIRCUMVENT
ANY OF THE PARTIES IN THIS TRANSACTION NOW PENDING OR IN
THEFUTURE FOR A PERIOD OF 05 (FIVE) YEARS FROM DATE OF EXECUTION
OF THIS IRREVOCABLE COMMISSION PAYMENT ORDER DOCUMENT. THIS
DOCUMENT BINDS ALL PARTIES, THEIR EMPLOYEES, ASSOCIATES,
TRANSFERERS, ASSIGNEES AND/OR DESIGNATED.
UPON
EXECUTION OF THIS AGREEMENT, THIS IRREVOCABLE COMMISSION
PAYMENT ORDER DOCUMENT WILL BE EXCHANGED FOR AN OFFICIAL
BANK ENDORSED AND RESPONSABLE IRREVOCABLE COMMISSION PAYMENT
ORDER. THE ORIGINAL BANK IRREVOCABLE COMMISSION PAYMENT
ORDER WILL BE LODGED WITH THE PAYER'S BANK. THIS IRREVOCABLE
COMMISSION PAYMENT ORDER DOCUMENT MAY BE EXECUTED SIMULTANEOUSLY
IN TWO OR MORE COUNTERPARTS VIA TELEFAX TRANSMISSION, EACH
OF WHICH SHALL BE DEEMED AS A HARD COPY ORIGINAL AND ALL
OF WHICH TOGETHER SHALL CONSTITUTE ONE AND THE SAME ORIGINAL
AS A FULL RECOURSE COMMERCIAL DOCUMENT, ENFORCEABLE AND
BINDING. A SIGNED COPY OF THIS DOCUMENT SHALL HAVE THE SAME
VALUE AND EFFECT AS AN ORIGINAL AND A TELEFAX THEREOF SHALL
SERVE AS A DULY SIGNED COPY OF THE SAME.
Paymaster Date:
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