Any risk with L/C ?
Post 42 of 52
You know that L/C is most confident way to payment, but here is a question to me:
L/C is NOT the most confident way to pay. It only protects the seller. What happens if the seller puts damaged goods on the ship? What happens if they put a bunch of rocks on the ship?
The only payment method that has shared responsibility is escrow. The seller knows the money is there. And, if the seller is so confident in the quality of their goods, what is the problem with inspection?
Besides, in some industries, like cabinet making, no one will even take an L/C.
L/C is great for the seller. It's horrible for the buyer.
L/C is NOT the most confident way to pay. It only protects the seller. What happens if the seller puts damaged goods on the ship? What happens if they put a bunch of rocks on the ship?
The only payment method that has shared responsibility is escrow. The seller knows the money is there. And, if the seller is so confident in the quality of their goods, what is the problem with inspection?
Besides, in some industries, like cabinet making, no one will even take an L/C.
L/C is great for the seller. It's horrible for the buyer.
22 Apr 2009 03:32
Post 43 of 52
Hi
In this case you can ask the buyer to give an international Pay Order.
In this case you can ask the buyer to give an international Pay Order.
23 Apr 2009 11:50
Post 44 of 52
The only way a buyer can have some assurance with the goods being shipped is by having an independent inspection agency do an inspection on your behalf. You would also then stipulate the inspection certificate by your agent in the Letter of Credit. Without this document, the seller cannot submit it to the bank and get paid.
The most well known inspection agency is : http://www.sgs.com/activities/inspection.htm
They have offices worldwide.
The most well known inspection agency is : http://www.sgs.com/activities/inspection.htm
They have offices worldwide.
27 Apr 2009 12:17
Post 45 of 52
Hi You are more safer with Lc compare to a western union or TT because you have more control,of the situation and avoid sending monet to a person even if that person owns the company insists on company account
05 May 2009 22:21
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Post 48 of 52
Thank you all, very informative.
Have a client that wants 100 000mt of Non GMO maize, CIF Mombasa
Jurie
Have a client that wants 100 000mt of Non GMO maize, CIF Mombasa
Jurie
25 May 2009 08:54
Post 50 of 52
Hello Everyone,
Can anyone tell me how can one just know whether the Third Party Agent is not a scammer especially in China? This is a case when an L/C has been opened in the name of a Company in China and the Third Party is an Associate of that Company and fake goods were sent to me what steps are to be taken?
Can anyone tell me how can one just know whether the Third Party Agent is not a scammer especially in China? This is a case when an L/C has been opened in the name of a Company in China and the Third Party is an Associate of that Company and fake goods were sent to me what steps are to be taken?
11 Jun 2009 04:35
Post 51 of 52
What is an Escorw Account? Is it a French word?The word sounds French.
11 Jun 2009 04:41