MFPA or Pay Order to protect your commission!
Post 22 of 96
Replying to [Gwen]:Can you send to me your samle of MFPA ?
If "YES",I wait your papers at-t_shanidze2000@yahoo.com
Thank in advance for your reply.
With best egards,
Teimuraz Shanidze
Please contact via TM.
Iulianap
15 May 2007 15:05
Post 23 of 96
Replying to [swamypr]:
Dear Swamy,
We are entering into a deal where our commission is around 25000 USD, what should we do ? does MFPA should be on a stamp paper or normal paper?
Does it shoud include Rubber stamp of the supplier?
what is the safest way to ensure our commission , can there be a L/C for commission?
Regards,
Aditya
Dear Swamy,
We are entering into a deal where our commission is around 25000 USD, what should we do ? does MFPA should be on a stamp paper or normal paper?
Does it shoud include Rubber stamp of the supplier?
what is the safest way to ensure our commission , can there be a L/C for commission?
Regards,
Aditya
05 Jun 2007 07:50
Post 24 of 96
Replying to [swamypr]:
I had a question. Can a buyer mandate be held responsible if he is keeping buyer information from a seller?
Example is that buyer agreed to a contract signed sealed......buyer is now in default and has changed phone, email etc......the mandate for the buyer is not releasing the information to the seller to be able to serve documents on the contract default.
The mandate is continuing to conduct business on behlaf of the same buyer and will not release current information....is the harboring and illegal?
I had a question. Can a buyer mandate be held responsible if he is keeping buyer information from a seller?
Example is that buyer agreed to a contract signed sealed......buyer is now in default and has changed phone, email etc......the mandate for the buyer is not releasing the information to the seller to be able to serve documents on the contract default.
The mandate is continuing to conduct business on behlaf of the same buyer and will not release current information....is the harboring and illegal?
07 Jun 2007 18:44
Post 25 of 96
Hello. Could you please tell me what does "Transaction code" stands for in Irrevocable pay order samples?
As far as I saw different samples of Pay orders they look like guarantees to pay and not as an Orders to Pay. Is it correct?
As far as I saw different samples of Pay orders they look like guarantees to pay and not as an Orders to Pay. Is it correct?
12 Jun 2007 13:01
Post 26 of 96
Replying to [swamypr]:
Where the MFPA to be notorized if its of high value, suppose it is between seller and agent, is it sufficient to get it notorized in seller's country or there is any thrid party international organization from where it should be notorized. In other case, if MFPA is of high value and is not notorized, does it still has same legal status. On whose letter head it should be prepared, seller or agent. your answer will be very helpful and knowledgeable for me.
Where the MFPA to be notorized if its of high value, suppose it is between seller and agent, is it sufficient to get it notorized in seller's country or there is any thrid party international organization from where it should be notorized. In other case, if MFPA is of high value and is not notorized, does it still has same legal status. On whose letter head it should be prepared, seller or agent. your answer will be very helpful and knowledgeable for me.
16 Jun 2007 12:58
Post 27 of 96
Replying to [swamypr]:
can you send a copy of MFPA?
can you send a copy of MFPA?
02 Jul 2007 08:05
Post 28 of 96
Replying to [iulianap]:
Hi! I've enjoyed reading your many posts and replies in the scrap forum.
An MFPA is useless and unenforceable. You have no recourse by it. It is a private agreement between two parties subject to arbitration in a specific locale. Just like the much abused “NCND” it is utterly unenforceable outside the country it was drafted in.
If your principal closes a large deal worth millions of dollars then with the legal help they can hire you will not be able, ever, to collect on a MFPA.
A well crafted Pay Order in the form of a Personal Guarantee is a legally binding undertaking by the drafter to pay your fee on demand under the conditions specified in it. It is like a promissory note. A note is legally binding, and unlike a MFPA there is specific legislation in all countries regulating drafts such as checks, promissory notes, and personal Guarantees. Your principal can default on it, but your recourse against her is more enforceable world-wide.
FTN Exporting publication "The World Is Yours II" (TWIY) available at importexportscam.com has information on model commission pay orders, it is noted that a UCP600 corporate SLC can be used as a pay order and TWIY does briefly cover this subject.
Hi! I've enjoyed reading your many posts and replies in the scrap forum.
An MFPA is useless and unenforceable. You have no recourse by it. It is a private agreement between two parties subject to arbitration in a specific locale. Just like the much abused “NCND” it is utterly unenforceable outside the country it was drafted in.
If your principal closes a large deal worth millions of dollars then with the legal help they can hire you will not be able, ever, to collect on a MFPA.
A well crafted Pay Order in the form of a Personal Guarantee is a legally binding undertaking by the drafter to pay your fee on demand under the conditions specified in it. It is like a promissory note. A note is legally binding, and unlike a MFPA there is specific legislation in all countries regulating drafts such as checks, promissory notes, and personal Guarantees. Your principal can default on it, but your recourse against her is more enforceable world-wide.
FTN Exporting publication "The World Is Yours II" (TWIY) available at importexportscam.com has information on model commission pay orders, it is noted that a UCP600 corporate SLC can be used as a pay order and TWIY does briefly cover this subject.
27 Sep 2007 21:25
Post 29 of 96
Replying to [swamypr]:
I would appreciate your help in explaining me how can I protect my commission. Explain it from the beggening. When I sent LOI or ICPO (which include all contact details of the buyer) to the Seller, they either don't revert back or seek ways to refuse further dealing (I mean they bypass the mediator/broker like us). I have lost severl opportunities.
Pls let me know what should I do to protect my services and commission - I would appreciate if you could explain the procedure for big commodities dealing, how to avoid get Seller & Buyer direct (how to stop Seller/Buyer bypass the intermediary/broker)?
Also let me know when the Irrevocable Mastter Fee Protection Agreement (IMFPA) is signed and what is the procedure? During the process of signing the contract by Seller and Buyer, what is the surity that Seller or Buyer will not bypass the broker? I would appreciate your reply to my direct email shah at softsys dot com dot pk
Best regards
Rahmat
I would appreciate your help in explaining me how can I protect my commission. Explain it from the beggening. When I sent LOI or ICPO (which include all contact details of the buyer) to the Seller, they either don't revert back or seek ways to refuse further dealing (I mean they bypass the mediator/broker like us). I have lost severl opportunities.
Pls let me know what should I do to protect my services and commission - I would appreciate if you could explain the procedure for big commodities dealing, how to avoid get Seller & Buyer direct (how to stop Seller/Buyer bypass the intermediary/broker)?
Also let me know when the Irrevocable Mastter Fee Protection Agreement (IMFPA) is signed and what is the procedure? During the process of signing the contract by Seller and Buyer, what is the surity that Seller or Buyer will not bypass the broker? I would appreciate your reply to my direct email shah at softsys dot com dot pk
Best regards
Rahmat
28 Sep 2007 22:32
Post 30 of 96
Replying to [Rahmat1961]:
You don't want to sign a MFPA.
The MFPA as previously stated is worthless. Asking for it is a signal to a principal that they are dealing with someone who is not well versed.
You need to attach yourself to a group or principal whom you trust and who trust you. By conveying specific value to them as an agent meaning that you need to bring to the table more than just a connection to a possible buyer/seller etc., but good skills. If you have this and you want to be attached to a group as a formal agent then what you want is an agency agreement. There are model agency agreements including ICC models, the rules of agency are well articulated in international Trade law and agents have protection in the legal codes of many countries but your role has to be strictly defined, your territory defined, commission rates defined.
The way you avoid circumvention is by finding an honorable principal, and conveying real value to that principal so that he sees that you are too valuable to circumvent. To convey value you must know as much if not more about many aspects of trading than your principal.
The moment you sign an NCND or MFPA you are signing worthless agreements that simply signal "here is someone to manipulate, use, circumvent, and discard." you must find an honorable principal to represent first and bring enough knowledge to the table that they consider retaining you.![[em4]](http://img.alibaba.com/images/eng/style/icon/emoticons_sad.gif)
You don't want to sign a MFPA.
The MFPA as previously stated is worthless. Asking for it is a signal to a principal that they are dealing with someone who is not well versed.
You need to attach yourself to a group or principal whom you trust and who trust you. By conveying specific value to them as an agent meaning that you need to bring to the table more than just a connection to a possible buyer/seller etc., but good skills. If you have this and you want to be attached to a group as a formal agent then what you want is an agency agreement. There are model agency agreements including ICC models, the rules of agency are well articulated in international Trade law and agents have protection in the legal codes of many countries but your role has to be strictly defined, your territory defined, commission rates defined.
The way you avoid circumvention is by finding an honorable principal, and conveying real value to that principal so that he sees that you are too valuable to circumvent. To convey value you must know as much if not more about many aspects of trading than your principal.
The moment you sign an NCND or MFPA you are signing worthless agreements that simply signal "here is someone to manipulate, use, circumvent, and discard." you must find an honorable principal to represent first and bring enough knowledge to the table that they consider retaining you.
29 Sep 2007 00:20
Post 31 of 96
Replying to [swamypr]:
Hi, Thanks for the info it's really helping.
In our case the seller accepts BG payment only.
They want the LOI and ICPO first. We are worried about commission if it is safe to send ICPO because we cannot state the amount of commissions for the end-buyer to see.
So, first we can send the LOI
but where and when do you send an FPA or MFPA?
we are unsure of the process. we send it after LOI? or after we sign FCO?
is it safe to do after ICPO if it doesn't state the commission amount?
everything is agreed on... we just want to be safe with our commission..
we are really fresh to trade... please help,
Greg![[em9]](http://img.alibaba.com/images/eng/style/icon/emoticons_dizzy.gif)
Hi, Thanks for the info it's really helping.
In our case the seller accepts BG payment only.
They want the LOI and ICPO first. We are worried about commission if it is safe to send ICPO because we cannot state the amount of commissions for the end-buyer to see.
So, first we can send the LOI
but where and when do you send an FPA or MFPA?
we are unsure of the process. we send it after LOI? or after we sign FCO?
is it safe to do after ICPO if it doesn't state the commission amount?
everything is agreed on... we just want to be safe with our commission..
we are really fresh to trade... please help,
Greg
08 Oct 2007 07:11