Iron Ore from Brazil at 64.5% Fe. Monthly shiments of 150,000 dmt. 12 Month Contract

SELLER WILL PROVIDE A PERFORMANCE FOR 2% AND WILL ACTIVATE THE LETTER OF CREDIT
IN THE EVENT OF NON SHIPMENT AT THE LOADING PORT BY THE SELLER WITHIN THE SHIPMENT TIME STIPULATED IN THE CONTRACT, THE TOTAL AMOUNT OF PERFORMANCE GUARANTEE / DEPOSIT SHALL BE REMITTED TO THE BUYER UPON WRITTEN NOTIFICATION BY THE BUYER WITH COPY TO THE BANK. THE SELLER WILL HAVE 10 (TEN) DAYS TO PERFORM AFTER THAT NOTIFICATION ? ACCEPTED BY E-MAIL / FAX. IF THE SELLER HAS NOT PERFORMED IN THAT 10 (TEN) DAYS, THIS AMOUNT WILL BE RELEASED FROM THE BANK TO THE BUYER AS A PENALTY FEE