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fob with t/t payment

 
 
mjn
 
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: 4,414 • Replies: 7
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Lordyaswas
 
  1  
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  
Tue 17 Dec, 2013 09:24 am
@mjn,
A deposit and payment on delivery is pretty standard.
0 Replies
 
timur
 
  1  
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
 
  0  
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
 
  0  
Sun 2 Feb, 2014 12:40 pm
@mjn,
I have a Canadian buyer for iron ore, inbox me if you can supply.
0 Replies
 
bobsal u1553115
 
  1  
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  
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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