1> IF ANY INSTRUCITIONS ACCO***NYING A DRAWING UNDER THIS LETTER OF ACCOUNT WITH US OR AT ANOTHER BANK , WE AND /OR SUCH OTHER BANK MAY RELY ON AN ACCOUNT NUMBER SPECIFIED IN SUCH INSTRUCTIONS EVEN IF THE NUMBER IDENTIFIES A PERSON OR ENTITY DIFFERENT FROM THE INTENDED PAYEE . 2) NOTWITHSTANDING THE PROVISIONS OF THE UCP , IF WE GIVE NOTICE OF REFUSAL OF ***UMENTS PRESENTED UNDER THIS LETTER OF CREDIT WE SHALL STILL RETAIN THE RIGHT (1) TO ACCEPT A WAIVER OF DISCREPANCIES IN SUCH ***UMENTS FROM THE APPLICANT /ACCOUNT PARTY AND (2) SUBJECT TO SUCH WAIVER BEING ACCEPTED BY US , TO RELEASE SUCH ***UMENTS IF PRIOR TO SUCH RELEASE WE HAVE RECEIVED FROM THE GOODS IN SOME OTHER WAY . CONTRACT TERMS 1) Eventual claims can not in any case suspend the payment of the goods , Payment must always take place in our factory and other form of payment , including the one made through our representatives or agents ,will not be recognized . 7) For payments after due date , the buyer will be charged with the rate of 5% above the respective Italy's discount bank -rate 2) in case payment is made by cheque or draft the retention of title clause continious until these instruments have been fully honoured . Retention of title clause is extended to manufactured goods and also on garments , even if they are being held by a third party .
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