IS * SHIPMENT SAFE AND DOES FRAUD HAPPEN IN THIS TYPE OF PAYMENT ?PL ADVICE
Post 1 of 3
WE HAD SHIPED AN SHIPMENT LAST 3 MONTHS BACK ON D/P AT SIGHT AS PAYMENT AND THE SHIPMENT CONSIGNED TO BUYER BANK.BUT NOW THE GOODS HAVE BEED CLEARED BY CUSTOMER AND WE STILL NOT RECIEVED THE PAYMENT IN OUR BANK AND BUYER BANK NOT RESPONDING TO OUR REPEATED REMAINDERS AND BUYER HAS TOLD THAT HE HAS PAYED THE BILL(BUT NOT GIVING PROOF) AND ALWAYS ASKS TO CHECK WITH MY BANK.AND OUR BANK ALWAYS SAYS NO REPLIES FROM BUYER BANK ,PL CHECK WITH BUYER.
PL ADVICE IF BUYER CAN RELEASE GOODS WITHOUT PAYING AND GET AWAY IN D/P AT SIGHT PAYMENTS ??
AND IF BANK IN LEGALLY RESPONSIBLE IN THIS MATTER ??
WE LOOK FORWARD YOUR KIND REPONSES FROM THE EXPERIENCED PERSONS IN THIS REGARD.,
***Moved to here by Mod***
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27 Sep 2006 10:06
Post 2 of 3
Replying to [ashwi]: The buyer can get the documents from his bank without paying, even for D/P at sight, it depends of the bank policy.
And the buyer's bank has not responsibility whatsoever with the payment.
For D/P it is advisable to double check through your bank on the other bank policy before processing with the deal.
Your buyer not providing any proof of payment, hmmm. something is smelling awry.
And the buyer's bank has not responsibility whatsoever with the payment.
For D/P it is advisable to double check through your bank on the other bank policy before processing with the deal.
Your buyer not providing any proof of payment, hmmm. something is smelling awry.
18 Oct 2006 12:00
Post 3 of 3
Replying to [ashwi]:
Though the best answer score has been awarded, I am sorry to say that the premise about *the bank's policy* is incorrect. Under ICC Rules (URC) no bank is allowed to violate the collecting bank's instructions and deliver CAD documents without payment.
All banks (in countries that subscribe to ICC Rules) MUST follow the ICC Uniform Rules for Collection, ICC Publication No. 522. So, one should check if the country or the bank concerned is a subscriber and says so in its documents or forwarding letters. If not so, AVOID. Otherwise, it should follow the instructions sent to it by the seller through his collecting bank.
Read the Articles of URC 522 to confirm if I am correct.
Though the best answer score has been awarded, I am sorry to say that the premise about *the bank's policy* is incorrect. Under ICC Rules (URC) no bank is allowed to violate the collecting bank's instructions and deliver CAD documents without payment.
All banks (in countries that subscribe to ICC Rules) MUST follow the ICC Uniform Rules for Collection, ICC Publication No. 522. So, one should check if the country or the bank concerned is a subscriber and says so in its documents or forwarding letters. If not so, AVOID. Otherwise, it should follow the instructions sent to it by the seller through his collecting bank.
Read the Articles of URC 522 to confirm if I am correct.
02 Sep 2007 06:12
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