Thirty-five (35%) percent of the total airplane price is due and payable in U.S. Dollars when the contract is signed and the order placed with the company.
A progress payment of a further thirty-five (35%) percent is payable at "green aircraft rollout". This means after the aircraft has received its airworthiness certificate, but prior to installation of avionics and prior to being painted.
The balance of payment of thirty (30%) percent is due prior to delivery of the aircraft and following inspection/acceptance flight by a designated official or acceptance.
The progress payment and final payment shall be made in cash, by wire transfer or by irrevocable Letter of Credit.