LC at sight and payment
Post 1 of 5
Dear,
I have two shipment from Shanghai to UK, both of them LC at Sight, Now I shipped both shipment to the UK at once. I just afraid if he refused to collect the documents, then how I can collect the payment or What I can do in the next term. Should I need to collect the cargo back? this is will let me loose lot of money in the freight which I already paid and getting back means again I need to pay the freight and taxes & duties. then what is the best way I need to adopt in such kind of situation. please mail me if you have any suggestions.
kind regards.
Award 10 MVPs (
What's this?
)for the best answer.
21 Apr 2007 02:56
Post 3 of 5
Quoting from [Billy Gates]:
Dear, I have two shipment from Shanghai to UK, both of them LC at Sight, Now I shipped both shipment to the UK at once. I just afraid if he refused to collect the documents, then how I can collect the payment or What I can do in the next term. Should I need to collect the cargo back? this is will let me loose lot of money in the freight which I already paid and getting back means again I need to pay the freight and taxes & duties. then what is the best way I need to adopt in such kind of situation. please mail me if you have any suggestions. kind regards.
If this is a SBLC why have you not been payed?, provided you supplied the documents necessary for payment to buyers bank. As I stated if your bank accepted a confirmed Irrevocable SBLC I would contact the confirming bank as this has nothing to do with the buyer directly.
Ranger
SIGNATURE:
About Our Company
Me Tech Supply
ME Tech Supply a D. B. A provides sourcing solutions for both small and medium sized businesses. We are members of the GSAA whose Agents have verified more than 2. 5 million companies World WideWe offer low cos...
More
21 Apr 2007 23:00
Post 4 of 5
Replying to [Billy Gates]:
There are two ways for solution:
1. you ask your buyer, i.e. L/C applicant to amend the said L/C, consorted the two shipment into one L/C only, and then, you must remember to cancel the rest one. OR
2. just ask your carrier, i.e. the issuer of Bills of Lading, split into two completed set of documents. But, be careful, take care of the wording on said documents and find any other document is related to.
There are two ways for solution:
1. you ask your buyer, i.e. L/C applicant to amend the said L/C, consorted the two shipment into one L/C only, and then, you must remember to cancel the rest one. OR
2. just ask your carrier, i.e. the issuer of Bills of Lading, split into two completed set of documents. But, be careful, take care of the wording on said documents and find any other document is related to.
22 Apr 2007 07:48
Post 5 of 5
Quoting from [Billy Gates]:
Dear, I have two shipment from Shanghai to UK, both of them LC at Sight, Now I shipped both shipment to the UK at once. I just afraid if he refused to collect the documents, then how I can collect the payment or What I can do in the next term. Should I need to collect the cargo back? this is will let me loose lot of money in the freight which I already paid and getting back means again I need to pay the freight and taxes & duties. then what is the best way I need to adopt in such kind of situation. please mail me if you have any suggestions. kind regards.
Firstly, both of the shipments are under LC. Therefore you need not worry about the payment as long as you tendered the documents in accordance to the terms and conditions of the LC even if the goods are shipped on the same vessel.
Secondly, if you are sure the documents are discrepant, than you may communicate with the buyer with the view to amend the LC. However, this method may not be favoured by the buyer as he may not have sufficient time to do so. This would also mean that the buyer incur additional cost.
Other than this, you may request your bank to send the documents under protection to the Issuing Bank. If the documents meet the approval of the Issuing Bank, payment will be made in due course.
alternatively, you may request your bank to communicate to the Issuing Bank the discrepancies and inquire if the Issuing Bank is willing to take up the documents before the documents are sent to the Issuing Bank.
However, if the Issuing Bank refuses to take up the documents and the buyer does not agree to waive the discrepancy, you have to arrange the goods to be sold to other party either in your country or in another country. Of course, this would incur additional costs.
Get in touch with your carrier on how to dispose the goods effectively.
Secondly, if you are sure the documents are discrepant, than you may communicate with the buyer with the view to amend the LC. However, this method may not be favoured by the buyer as he may not have sufficient time to do so. This would also mean that the buyer incur additional cost.
Other than this, you may request your bank to send the documents under protection to the Issuing Bank. If the documents meet the approval of the Issuing Bank, payment will be made in due course.
alternatively, you may request your bank to communicate to the Issuing Bank the discrepancies and inquire if the Issuing Bank is willing to take up the documents before the documents are sent to the Issuing Bank.
However, if the Issuing Bank refuses to take up the documents and the buyer does not agree to waive the discrepancy, you have to arrange the goods to be sold to other party either in your country or in another country. Of course, this would incur additional costs.
Get in touch with your carrier on how to dispose the goods effectively.
22 Apr 2007 20:53
Page 1 of 1