5. Security
The BUYER shall, for each respective vessel, provide the SELLER with a letter of guarantee issued by a first class international bank which is acceptable to the SELLER and the SELLER's bank.
方应就各船,由世界一流银行出的保函,此文件必须被双方的银行所认可。
Each letter of guarantee shall guarantee the BUYER's obligation for payment of the 2nd, 3rd and 4th installments of the contract price and be delivered to the SELLER concurrently with the shipbuilding contract becoming effective.
保函应当保证合同中2,3[收起]