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info about T.T. payment and L\C at sight 26 replies,15044 views

#1
It's the first time that our company will import goods from China  and Japan.From China we will pay L\C at sight and from Japan by T.T. WE would like to know the process of each payment and the advantages\disadvantages if anyboby knows(especially what time we must pay).Also we want to know what ASAP means?(except as soon as possible) Thank you very much.
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#2
Re: info about T.T. payment and L\C at sight
T/T just means that you transfer the funds according to the agreement. This usually means paying some percentage before production and the rest before/at time of shipment.


You can ask to pay the second and larger sum when you see a copy of the Bill of Lading..so you know that merchandise has been loaded. Then the supplier can send the B/L or make an express release after receiving proof of the T/T.


L/C at sight means that the documents (including the B/L) must arrive at your bank before the bank p the money on to the supplier. So payment is usually a week or two later than the T/T method. An L/C can be opened with credit (deferred payment..to be paid after 30, 60 days or more). SInce it is an L/C the supplier knows he will get his money and may be willing to give credit...(But i think this is rare in the far east).


#3
Re: Re: info about T.T. payment and L\C at sight
Thank you very much for your answer.I want to ask you something else if you know... We have agree about T.T. payment with our supplier but he has already start the production but he didnt ask to us money, so we have to pay all the money when he send us the papers?Thank you again!
#4
Re: Re: Re: info about T.T. payment and L\C at sight
Quoting from [sam dik]:


Thank you very much for your answer.I want to ask you something else if you know... We have agree about T.T. payment with our supplier but he has already start the production but he didnt ask to us money, so we have to pay all the money when he send us the papers?Thank you again!



Actually you will be required to pay before the supplier ships.  It called payment against a copy of the Bill of Lading.  The document needed for you to take ownership of the goods at the port of import.

Ranger

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#5
Reply # 4 Ranger

Dear I want to share some personal experience with you.Firstly if you are dealing with any wrong supplier ,you may be cheated by the any methods of payments.There are many ways,suppose if the supplier ask for 30% advance and 70% on bl copy,then he he may either sit with your 30% advance or he may give you false bl which could also be traced and you will send the balance ,in this cases better you ask the supplier for the container number and trace it,if you get the position of container then the supplier is genuine.Suppose if the supplier agrees on 100% lc at sight then he may load any scrap and give you the bl copy ,containor number and this time if you trace the container then also its of no use because the container may contain scrap ,this would be of no value to you.The most safest go to the supplier site have inspection there and ask your supplier to arrange the loading of goods in front of you tjis will cost you one time but your money will bw safe.

Thanks 

#6
Re: info about T.T. payment and L\C at sight
Mutual trust must be achieved before any business or transaction made. Otherwise, it's risky for both parties, buyers or suppliers.
#7
Reply #
[em3]
#8
Re: info about T.T. payment and L\C at sight
Dear this person misguide you (shivshaktithermo) because manufacturer are not lose his customer at any cost and he can not lost his good will also just check his company online and check his contact details if thay are in working then he is a good supplier 99.9 % Suppliers are not commit fraud with his customers so just check and believe each other international business are running on good faith.
#9
Re: info about T.T. payment and L\C at sight
Quit useful information,thanks for sharing
#10
Re: info about T.T. payment and L\C at sight
we only accept bank transfer[em2]
#11
Re: info about T.T. payment and L\C at sight
In my opinon, if you want to start to do business with a new supplier, it's essential to place a trial order with small quantity to check their credibility,professional degree, quality, and service.

As for the payment term, normally, you are required to pay 30% deposit before production, balance before the time of delivery. This is a process to know each other, both buyer and seller will need to pay much attention on the "trial order" .

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