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Asking you to pay any way but through a letter of credit
The letter of credit is a great protector of both parties in the import and export exchange. If an exporter is truly on the "up and up," he will want this automatic slack adjuster Manufacturers form of payment as much for himself as he should for you. When a letter of credit is properly executed, the following things occur: first, the exporter works with the importer to locate a mutually agreed upon financial institution. Once the institution has been chosen, both parties become part of the LOC with the express purpose of ensuring the product is as described and that money changes hands once the delivery has been made and verified. Should an exporter try to steer you away from the LOC, then you will need to rethink doing business with that individual. Red flags should go up instantly.
Will not be listed or in good standing with your embassy or consulate
Embassies and consulates provide peace of mind to one, who is dealing with an exporter, because they are endorsed and ran by the dealing party's home government. These institutions keep track of who the reputable entities are within the foreign land, and they can report with confidence if you launch an inquiry. If you cannot find any trace of the rattan furniture exporter that you are considering, then you will again need to avoid doing business with this entity until the embassy or consulate can verify its legitimacy. Without verification, you could be setting yourself up for a huge fall.
As you work more and more closely with rattan furniture exporter companies, you will get a better feel for who's quality and who's not. Keep the warning signs in your mind the whole time, though.
Asking you to pay any way but through a letter of credit
The letter of credit is a great protector of both parties in the import and export exchange. If an exporter is truly on the "up and up," he will want this automatic slack adjuster Manufacturers form of payment as much for himself as he should for you. When a letter of credit is properly executed, the following things occur: first, the exporter works with the importer to locate a mutually agreed upon financial institution. Once the institution has been chosen, both parties become part of the LOC with the express purpose of ensuring the product is as described and that money changes hands once the delivery has been made and verified. Should an exporter try to steer you away from the LOC, then you will need to rethink doing business with that individual. Red flags should go up instantly.
Will not be listed or in good standing with your embassy or consulate
Embassies and consulates provide peace of mind to one, who is dealing with an exporter, because they are endorsed and ran by the dealing party's home government. These institutions keep track of who the reputable entities are within the foreign land, and they can report with confidence if you launch an inquiry. If you cannot find any trace of the rattan furniture exporter that you are considering, then you will again need to avoid doing business with this entity until the embassy or consulate can verify its legitimacy. Without verification, you could be setting yourself up for a huge fall.
As you work more and more closely with rattan furniture exporter companies, you will get a better feel for who's quality and who's not. Keep the warning signs in your mind the whole time, though.