This is a red flag. It means that you should verify the Chinese enterprise before signing the contract.
A number of customers have been defrauded in the purchase of steel from China.
Because it might deny afterward that it was its account, and thus that it received your payment.
Have you ever encountered with the situation where the lawyers appointed by China Export & Credit Insurance Corporation (hereinafter referred to as “SINOSURE”) to collect the payment for goods from you?
You should terminate the contract before considering whether to claim compensation from him.
You’d better not turn your back on your deals with Chinese suppliers. You shall terminate your contract in accordance with reasonable procedures.
When you make payments to Chinese suppliers, they may ask you to pay to several different bank accounts that may not belong to themselves.
You should perform verification or due diligence on a Chinese supplier to find out whether he/it has the capability to perform contracts before you make a contract with the supplier. You can ask us for free verification service.
If a Chinese company affixed a fake official company seal when signing a contract with you, probably you are in a scam.
You can terminate the contract with this supplier so that you can claim back your paid amount.
You should state in your contract such loss may be incurred in advance. As such, at least you should inform the supplier of such loss in the course of execution of the contract and seek his/her consent.
If you find a China supplier’s legal name in Chinese, you can initiate an action before a court or file a complaint against it. If not, you cannot do anything. All Chinese individuals and enterprises have their legal names in Chinese, and they have no legal or standard names in foreign languages.