co-operative是什么意思?

what is co-operative society and franchised business
who can give me define of franchised and co-operative society ,5 of advantage and 5 of dis advantage?i wan in english .please tell me ..moreover also tell me who will received profit type business of this

英语翻译
PAYMENT:
IRREVOCABLE,CONFIRMED,OPERATIVE,UNRESTRICTED,TRANSFERABLE DLC,COVERING EACH MONTHLY QUANTITY.
OR…BG/SBLC STANDBY,UNRESTRICTED,OPERATIVE,CONFIRMED TRANSFERABLE LETTER OF CREDIT COVERING EACH MONTHLY QUANTITY.
DOCUMENTS SHALL BE NEGOTIABLE AND PAYABLE AT SIGHT AT THE COUNTER OF THE SELLER’S BANKERS.
CREDIT OPENING AND ADVISING FEES SHALL BE FOR BUYER’S ACCOUNT.
WEIGHT AND QUALITY INSPECTION
SOCIETE GENERALE DE SURVEILLANCE (SGS) AT SELLER’S COST SHALL INSPECT COMMODITY AT THE PLACE OF LOADING.SOCIETE GENERALE DE SURVEILLANCE (SGS) SHALL ISSUE AND INSPECTION CERTIFICATE OF QUALITY AND QUANTITY FOR EACH SHIPMENT TO CERTIFY THAT THE GOODS ARE IN GOOD ORDER AND CONDITION AND BEING CONFORM TO THE SPECIFICATIONS HEREIN STATED.
PERFORMANCE BOND
THE SELLER AGAINST THE BUYER’S LETTER OF CREDIT PRE-ADVICE WILL POST A PERFORMANCE BOND EQUIVALENT TO THE SUM OF 2% OF THE SHIPMENT VALUE ON AN AUTO REVOLVING BASIS UNTIL THE TOTAL QUANTITY HAS BEEN SHIPPED.
CONTRACT PROCEDURES
1.- BUYER ISSUES LOI/ICPO WITH FULL BANKING DETAILS WITH SOFT PROBE AUTHORIZATION OR BCL.
2.- SELLER ISSUES DRAFT CONTRACT IN FAVOUR OF THE BUYER.
3.- BUYER SIGNS AND SENDS BACK THE CONTRACT DRAFT TO THE SELLER WITHIN 48 HOURS.
4.- SELLER SENDS 05 (FIVE) HARD COPIES DULY SIGNED AND SEALED.BUYER DULY SIGN AND SEAL ALL COPIES AND RETURN BACK 03 (THREE) COPIES TO THE SELLER.
5.- BUYER SENDS DULY FILLED L/C APPLICATION FORM OF THE L/C ISSUING BANK FOR THE APPROVAL OF THE SELLER/SELLER’S BANK,CLEARLY MENTIONING SELLER’S FINANCE COMPANY AS THE “FIRST BENEFICIARY”.
6.- AFTER REVIEW,SELLER RETURNS THE L/C APPLICATION FORM BACK TO THE BUYER WITH PROPOSED CHANGES IF ANY.
7.- WITHIN 07 (SEVEN) INTERNATIONAL BANKING DAYS OF RECEIVING THE SEALED AND SIGNED L/C APPLICATION FORM FROM THE SELLER’S,THE BUYER’S WILL ISSUE THE L/C PRE ADVICE AS PER CONTRACT.
8.- WITHIN 10 (TEN) INTERNATIONAL BANKING DAYS OF RECEIVING THE BUYER’S L/C PRE ADVICE FROM THE BUYER’S BANK,THE SELLER WILL POST THE PROOF OF PRODUCT (POP) AND PERFORMANCE BANK GUARANTEE (PBG) VIA SWIFT TO THE BUYER’S BANK.THE PROOF OF PRODUCT (POP) AND PERFORMANCE BANK GUARANTEE (PBG) WILL AUTOMATICALLY ACTIVATE THE PRE-ADVICE L/C,HENCE MAKING THE LETTER OF CREDIT OPERATIVE.
9.- SELLER ISSUE MILL DOCUMENT WITH ITS AUTHORIZATION NUMBER TO SELL INTO EUROPEAN UNION.
10.- DELIVERY AND SHIPMENT COMMENCE AS PER SCHEDULE MUTUALLY AGREED.

英语翻译
首先,请问一下Confirmable,Fully operative LC 是指的什么信用证?
下面是要翻译的话:
Unless the context otherwise requires,references in this Agreement to any agreement or document shall be construed as references to such agreement or document in force for the time being and as amended from time to time.
及
Unless the context otherwise requires,the expressions the Seller and the Buyer shall be deemed to include their respective successors and assignees whether immediate or derivative.
里面多次出现TIME TO TIME,应该怎么翻译?

what is co-operative society and franchised business?
who can give me define of franchised and co-operative society ,5 of advantage and 5 of dis advantage?i wan in english .please tell me ..moreover also tell me who will received profit type business of this