L/C Payment
Post 1 of 6
Can anyone Cheat payment through LC?
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18 Jan 2007 22:22
Post 2 of 6
Quoting from [farsha]:
Can anyone Cheat payment through LC?
Use Irrevocable Confirmed LC
18 Jan 2007 22:59
Post 3 of 6
Replying to [farsha]:
If you don't take the necessary precautions, you can be cheated while using L/C payment,too. i.e. if you don't provide a pre-inspection for the goods at the time of shipment, you may be cheated although you have been presented clean documents by your bank. Because the banks have nothing to do with the goods and never check them, and they look for only the clean documents for payments.
Yarenimex
If you don't take the necessary precautions, you can be cheated while using L/C payment,too. i.e. if you don't provide a pre-inspection for the goods at the time of shipment, you may be cheated although you have been presented clean documents by your bank. Because the banks have nothing to do with the goods and never check them, and they look for only the clean documents for payments.
Yarenimex
19 Jan 2007 14:35
Post 4 of 6
Replying to [farsha]:
It should be irrevocable to avoid cheating.
It should be irrevocable to avoid cheating.
22 Jan 2007 12:38
Post 5 of 6
Replying to [farsha]:At the newspaper ;once I read that a
businessman opened a L/C for televisions. He made the payment , but when he opened the containers he saw cement bags at the container.
He telephoned to the supplier company .
The company owner said that the general manager robbed the company and flew away with the money.
You may demand a SGS inspection certificate with the L/C documents. They watch the labaratory tests and also they are present during the loading process.Otherwise you are under the risc of losing money.In this case the risc is at the buyers side.
businessman opened a L/C for televisions. He made the payment , but when he opened the containers he saw cement bags at the container.
He telephoned to the supplier company .
The company owner said that the general manager robbed the company and flew away with the money.
You may demand a SGS inspection certificate with the L/C documents. They watch the labaratory tests and also they are present during the loading process.Otherwise you are under the risc of losing money.In this case the risc is at the buyers side.
25 Jan 2007 07:36
Post 6 of 6
Replying to [farsha]:
I will not say there are lots of different types of LC. But in Japan, we had a type of LC that requires the inspection of good before loading. But of course, the disadvantage is that it is more expensive.
What I like about LC is that it reflects the credits of the supplier or seller. Do you know that Bank will check the credibility of the seller?
If there are discrepancies in the credit history of the supplier, the banks will be notified.
And No, I will not say LC is 100% safe. But better than the other system.
I will not say there are lots of different types of LC. But in Japan, we had a type of LC that requires the inspection of good before loading. But of course, the disadvantage is that it is more expensive.
What I like about LC is that it reflects the credits of the supplier or seller. Do you know that Bank will check the credibility of the seller?
If there are discrepancies in the credit history of the supplier, the banks will be notified.
And No, I will not say LC is 100% safe. But better than the other system.
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RYU MEI CO LTD
Ryu Mei is a health and food trading company in Kobe, Japan. Ryu Mei a Japanese food specialist company with products like Kurobuta (Berkshire) , Wagyu (Kobe Beef) , Shochu, Organic Green Tea and Black Vinegar Ku...
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28 Jan 2007 23:13
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