Strong Eagle,Strong Eagle wrote:A written agreement is not worth much if you have no way to enforce it. This is particularly true when dealing with a business in another country.
You need to minimize risk. Don't make payment until you get the goods. Or agree to a down payment with the remainder payable upon receipt of the goods.
This is a common problem in import/export. You may want to consider a third party. For example, your bank can issue a letter of credit, a guarantee of payment if delivery condtions are met. This way, your supplier knows he won't get screwed and you know you won't get screwed because the letter of credit will be executed only if the terms are met.
How to approach this challenge depends on the volume and value of your imports from Thailand.cloverleaf wrote:I am going to set up a small business..my supplier is fr Thailand. They r not a listed company based. Just a few workers working for them. In this case, how do i ensure that there won't be a breach of contract? I mean there is no legal agreement to sign..issit juz based on mutual trust? What if i pay them and they breach the agreement? Should I at least write up a agreement and both parties sign? Pls advise me!!!!!!!!! million thanks..
Perhaps you should gain some work experience in import/export business first before starting a business on your own. If you spend, say one year, in an import/export company you may gain vital information and know how that will come in handy and reduce the risk of making fatal mistakes.CSP wrote:If i had paid the supplier for the goods in their area, and is goin to ship over to singapore, Do i need to know the procedures and do all whatever documents needed so to export and import? will i need to book shipping space, how and where to collect the good once it reach the destination etc.....
Me just started to read books on export / import, but don ready understand the book.
Maybe the book is not for newbie to understand
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