Article (3) : Covered letters Credits
This contract shall cover any letter/ lettersof credit notified or assigned to the bank , and which the company approves to cover according the following conditions :
1- To be irrevocable and unconfirmed in Egypt.
2- It shall be stated in the letter/ letters of credit conditions that its are subject to the uniform customers and fractions issued on May 10,1993 and published in the bulletin no. 500 of the international Chamber of Commerce in Paris also letter/ letters of credit should explisily stated the acceptance the settlement of dispute relating to the Documentary Credit . the arbitration of this Chamber in any
3- The Subject - Matter of the letter/letters of credit shall be the export of the goods of Egyptian origin which have been actually shipped from Egypt .
4- The Bank would apply to the company with the request to cover the credit while satisfying the data in accordance with the text determined by the company.

Article (4) : Validity of the Contract :
This contract shall be valid for one year as from ... / ... / 19.... and shall automatically be renewed for similar periods unless one party notifies the other of its desire not renew it at least on month prior to the end of its validity period.

Article (5) : Scope of the Contract :
A. This guarantee shall cover the amounts paid by the bank to the beneficiary on the basis of documentary credit the company approves to cover during the validity period of the contract , even if their due date or payment by the bank issuing the credit falls after the expiry of this period .
B. The two parties shall meet their obligation as defined in this contract in the currency agreed upon in the guaranteed credit .

Article (6) : Transfer of the Guaranteed Credit :
The bank may not assign nor transfer - totally or partially - the guaranteed credit in order to be utilized by any other bank except after obtaining the prior written approval from the company to the foregoing.

Article (7) : Risks Covered by the Guarantee :
The guarantee - according to this contract - shall cover the non fulfillment of the bank issuing the credit to any amounts paid by the bank on basis of the guaranteed credit , if this was attributed to one of the following risks :
A . Commercial Risks :
1 . Bankruptcy of the bank issuing the credit .
2 . Refusal , abstention or failure of the bank issuing the credit to fulfill its obligations in spite of the second party bank fulfilling all its obligations as defined by the guaranteed credit
B . Non - commercial Risks :
3 . Cancellation of the import license by the authorities of the buyer's state (Importer ) or its suspension , non-renewal , or the refusal of such authorities to allow the entry of the goods , subject - matter of the credit .
4 . Seizure , detainment or confiscation of the authorities of the buyer's state or the goods , subject - matter of the credit .
5 . Prevention of the authorities of the buyer's state or the state through which payment shall be made of the bank from fulfilling its rights from the bank issuing the credit , whether this was carried out on basis of a law , decree , regulation or a decision .
6 . Insolvency of the bank issuing the credit or its non-payment of the debt , if it was considered , according to the legislation of the state to which it is affiliated , among the public sector banks .
7 . Taking measures by the public authorities of the state where in the bank issuing the credit is located , whether based on a law , decree , regulation or a decision , that would restrict the conversion of the bank dues to the payment currency of the guaranteed credit . These measures include refusing or delaying the approval or conversion , the imposition of a preferential exchange rate , or the imposition of conversion by a currency other than the currency specified in the documentary credit , if this should result in a loss that exceeds 1% of the value as calculate on the basis of exchange rate of the currency of the bank issuing the credit on the date of conversion .
8 . Any military action of whatever origin that directly affects the material assets of the bank issuing the credit , as well as general civil disturbances such as revolutions , coups d'etats , the same effects , if they would directly lead to default of the bank issuing the credit or its delay in paying the amounts due to the second party Bank .