We Siam Trading & Export Company hereby state and represent that it is our intention to purchase, and we hereby confirm that we are ready, willing and able to purchase the following commodity as per the specification and in the quantity and for the price as specified in the terms and conditions as stated bellow. The representation is made with full corporate authority and responsibility of the above. PRODUCT: USED RAIL SCRAP R50-R65 AS PER INTERNATIONAL STANDARDS ORIGIN: Ukraine PRICE: US $55. 00 PER METRIC TON INCLUDING THE CUTTING COST DELIVERY TERMS: FOB AS PER INCOTERMS 2000 PRODUCT QUANTITY: 120. 000 MT PER 12 MONTH ( + 5% , -5% ) YEARLY SHIPMENT: 10. 000. 000 MT FOR open contract PAYMENT: BUYER SHALL MAKE PAYMENT TO THE SELLER VIA TELEGRAPHIC TRANSFER (T/ T) WITHIN (14) DAYS AFTER THE ARRIVAL OF THE GOODS AT THE DESTINATION PORT AND THE BILL OF LADING HANDED OVER TO THE BUYER BY THE SELLER. PENALTY: 5% OF TOTAL CONTRACT VALUE. PROCEDURE: 1. buy will submit LOI. 2. seller will issue DRAFT CONTRACT and FCO. 3. buyer will return sign contract via PDF attachment within 48 hours. 4. seller will countersign contract and return to buyer via PDF attachment. 5. seller sends to buyer 8 hard copy of the contract to sign and back it to seller again. 6. the contract must be certificated and confirmed from the Nigerian Rail Way Corporation and federal high court and ministry of exterior affairs. Seller has to send for the buyer his incorporation certificate, promotion for export from the Nigerian export promotion council and the authorization to sell the materials from Nigerian rail Ways Corporation and seller's passport copy. 7. shipment commences. NOTE 1. the buyer not be requested to bay any fees, costs, duties or cutting charges before arrival of goods at discharge port. 2. this buy request is valid for 15 international banking day's date of issued: 13 / 8 / 2007. Managing director Ahmed Siam