The first step in risk management for bulk commodity trade is to proactively address potential risks before entering into contracts. To minimize risks, businesses must adopt proactive measures to lower, avoid, share, and control risks based on different situations.
Lost contact with your Chinese supplier during a pandemic? Discover how one company revived communication, navigated cost challenges, and secured delivery.
The post focuses on the legal application of installment payments, risk management strategies for delayed payments, the significance of reserving ownership rights, and the impact of market factors on commodity prices.
This post explores the possibility of withholding payment if faced with late delivery from a Chinese supplier and understanding legal options for international buyers.
In international trade, the disappearance of goods at Chinese ports raises questions about the party responsible for the loss. When goods arrive safely at a Chinese port but mysteriously vanish before the customer can claim them, who bears the burden of the resulting losses?
You should terminate the contract before considering whether to claim compensation from him.
When you make payments to Chinese suppliers, they may ask you to pay to several different bank accounts that may not belong to themselves.
Absolutely Yes. Anything stamped with the official company seal is considered to be on behalf of the company’s will in China.
The legal representative of the Chinese company, whose name is on its business license, can sign the contract on behalf of the company.
You are entitled to unilaterally terminate a contract with a Chinese company only if the conditions for rescission as agreed in the contract or under Chinese law mature. Otherwise, you can only terminate the contract with the consent of the other party.
Chinese judges lack commercial knowledge, flexibility and time to understand transactions beyond the contract text.
Chinese judges like to see a formal contract with well-written terms signed by both parties. In the absence of a contract, the court may accept purchase orders, emails, and online chatting records as a written informal contract.
You probably want to terminate the contract and get a refund or even compensation.
You will need a bilingual contract, preferably with the same content in both languages.
You shall have the Chinese company stamp on the contract and have its legal representative sign hereon.
