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fob with t/t payment

 
 
mjn
 
Reply Tue 17 Dec, 2013 05:31 am
I have a customer from india wanting to buy iron-ore on fob basis with t/t payment which I have accepted, the only problem is he is insisting I first load the iron ore on vessel after which sgs certification be taken for quality and quantity and then I will be paid fully by t/t. I have suggested that first a sgs checking be done at the depot and if satisfied then I be paid 30% by t/t mode after which I load the ore on vessel and again a sgs be done and I be paid balance 70% by t/t mode. Can I be cheated if I do as the buyer wants or I should only accept if the buyer agress to my terms. Would be gratefull if any one can guide mr
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Type: Question • Score: 4 • Views: 3,567 • Replies: 8
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Lordyaswas
 
  1  
Reply Tue 17 Dec, 2013 07:08 am
@mjn,
What does your accountant say? Your company Lawyer?

I know you may find it strange that I'm even asking this, but why TF would you ask a bunch of complete strangers about something that is very specialised, and potentially vital for your company's wellbeing?
PUNKEY
 
  2  
Reply Tue 17 Dec, 2013 09:24 am
@mjn,
A deposit and payment on delivery is pretty standard.
0 Replies
 
timur
 
  1  
Reply Tue 17 Dec, 2013 09:33 am
@Lordyaswas,
Quote:
I first load the iron ore on vessel after which sgs certification be taken for quality and quantity and then I will be paid fully by t/t.


On my desk, I have two LOI (letter of intention) that stipulates that exact procedure. (It's not iron ore, though)
smithmannltd
 
  1  
Reply Sun 2 Feb, 2014 12:36 pm
@timur,
Can you actually supply iron ore? Inbox me if you can plz i have a buyer from Canada.
0 Replies
 
smithmannltd
 
  1  
Reply Sun 2 Feb, 2014 12:40 pm
@mjn,
I have a Canadian buyer for iron ore, inbox me if you can supply.
0 Replies
 
Importexport
 
  0  
Reply Thu 27 Mar, 2014 09:34 pm
@mjn,
For a Letter of Credit to be honored, the shipment must precisely meet everything specified on the L/C.

Assuming you are confident that the quality will be approved by SGS, I see no reason why you would not comply with the request. If the L/C specifies checking after loading, you will have no option but to do as specified.

L/Cs most commonly require a "clean Bill of Lading", and such a clean Bill would state the actual quantity loaded. In the case of bulk commodities it is not always possible to load a precise weight or volume, and therefore provision may be made for a + or - quantity.

If for some reason SGS are not willing to certify quality, you have a big problem on your hands. For this reason I suggest that it is probably worth your while paying SGS to examine the ore before it is transported to the ship, and then pay again for examination once on board, this time with a certificate issued.

Regards,
Walter Hay
0 Replies
 
bobsal u1553115
 
  1  
Reply Thu 27 Mar, 2014 09:40 pm
Once its on the boat your options are limited. All details should be in concrete prior to loading.
0 Replies
 
chrisho2014
 
  0  
Reply Tue 28 Oct, 2014 07:58 pm
@mjn,
it is too dangerous for you , do not trust any india guy , If I were you I will ask him to pay full money first than ship to him
0 Replies
 
 

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