OK, back to some Import Export Business questions and
answers. If you have a question or an opinion on something
your find here at the Import Export Business blog, please
use the comment link at the end of this post to send it to
us. If we use your comment, it will provide you with a
valuable link to your web site at no cost, except the little
time it took you to make the comment or send the question.
**********************
Hi there,
Was hoping to gain some more relevant information from you.
I have read through you info on this site and found it very
informative.
In regards to due diligence as well as doing the checks by
cold calling and checking their website, is there a pack
which I should put together to ensure the least risk possible.
Any pointers in the right direction would be much appreciated
as these people can seem very trustworthy and I myself or
employees of mine can have a set procedure in place to make
sure we have covered ourselves as well as we possibly could.
Kind regards,
Manny
**********************
Our Import Export International Business center answer:
Hi Manny,
I am not aware of a 'package' of details that you can check.
I have compiled some items that are listed on our company
page at:
http://www.importexporthelp.com/company.htm
which you and your employees are free to use any time.
These are not all that are available, I am sure, but if you
follow that list you should be able to find any negative
details on someone, if there are any on record.
I am not sure if you are in the USA or not, but the US has
or had a program through their embassies that you could pay
$100 or more to have the embassy rep do a background check
on the potential importer.
Another thing you can do is ask for references of other
businesses they have dealt with and then actually contact
those references. I know of one supplement manufacturer who
would not even bother following up a lead if they would not
provide them with at least one reference.
You will want to cross reference the reference also to make
sure you aren't calling the guys brother or brother in law
who is in on the deal with him.
Last, confirmed letters of credit are about the safest way
to go when it comes to payment, but they are often very
difficult to get and much more expensive than regular LOC's.
Ultimately there are no guarantees of keeping you from getting
ripped off. I have personally talked with several exporters &
importers who worked for some time with their buyers/sellers
in smaller quantity orders. Then a larger order comes in and
they end up never getting paid for it or if they are the
importer, they send the money and never receive the
merchandise.
This last type of deal is the old confidence game where they
use small orders to gain your confidence, pay for them up
front or ship them right away and then hit you with a big
order which is never paid for and you can never seem to find
the person in their office at any time.
It is an unfortunate fact of business life (and personal)
that you have to approach every transaction as if it is a
fraudulent one and be very firm in your requirements of the
other party. Sometimes so firm that it may cost the deal
but it is better to walk away.
Hope this has helped and I wish you the best.
Regards,
Ron Coble
http://www.importexporthelp.com
The International Business Times is the leading provider of international business news online.
A New International Trade Democracy...In the Making?
A new intenational trade democracy? Perhaps not at this
moment in time, but signs of change are here.
A short time ago, people saw international trade policy as a
matter for business economists outlining global trade
scenarios, government officials negotiating behind closed
doors or international business lobbies in
Brussels, Geneva, Washington and other cities.
No longer. Seattle’s international trade meeting changed
this stereotype, as thousands of anti-globalization
protesters marched outside the meetings. Doha’s response
was a declaration to make international trade work for all.
Cancún, in backlash, registered the disappointment of
developing countries; but for the first time, because of the
promise of Doha, those voices took center stage. Hong Kong
kept the doors open to discussion. However the voices
in the discussion have changed.
For the rest of the story, visit:
http://www.tradeforum.org/news/fullstory.php/aid/1005/
moment in time, but signs of change are here.
A short time ago, people saw international trade policy as a
matter for business economists outlining global trade
scenarios, government officials negotiating behind closed
doors or international business lobbies in
Brussels, Geneva, Washington and other cities.
No longer. Seattle’s international trade meeting changed
this stereotype, as thousands of anti-globalization
protesters marched outside the meetings. Doha’s response
was a declaration to make international trade work for all.
Cancún, in backlash, registered the disappointment of
developing countries; but for the first time, because of the
promise of Doha, those voices took center stage. Hong Kong
kept the doors open to discussion. However the voices
in the discussion have changed.
For the rest of the story, visit:
http://www.tradeforum.org/news/fullstory.php/aid/1005/
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