SAFE PROCEDURE WITH ESCROW ACCOUNT

With the introduction of Uniform Rules for Documentary Guarantee or URDG 758, the rules for Documentary Guarantee seem to be popular again. It can be imagined from the increasing number of questions that have popped up in recent days. Documentary Guarantee Forum is an effort to develop a platform to discuss these questions.
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ELFAYOUMY
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Joined: Sun Apr 12, 2020 8:30 am
First Name: SALAH
Last Name: ALFAYOUMY
Organization: SMART LINK CO
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Location: DUBAI

SAFE PROCEDURE WITH ESCROW ACCOUNT

Post by ELFAYOUMY »

HELLO BROTHERS
KINDLY ADVICE ME REGARDING THIS PROCEDURE IN AGREEMENT SENT TO ME BY SELLER
OR YOU CAN EDIT WITH THE BEST PROCEDURE
ITS THE FIRST TIME I DEAL WITH THE SUPPLIER, THAT'S WHY I WANT to BE IN SAFE
SPECIALLY WITH THE CARGO DOCUMENTS AND WHAT IT SHOULD CONTAIN TO BE SURE THE GOODS WILL DELIVER TO ME 100% AND AVOID ANY GAMES DURING THE DELIVERY
DOUBT FROM THIS
1) Complete set of the original clean on-board B/L or Airway Bill marked “freight Payable as per Charter Party”

PRODUCT IS FACE MASK
CARGO AIR CARGO ....

1) Buyer sends LOI
2) Seller sends draft contract, buyer verifies and sends amendments where needed, seller
signs and returns signed a contract to the buyer for final endorsement
3) Seller issues Proforma Invoice with payment instructions for Escrow to Buyer
4) The buyer submits full contract funds to the Escrow Account. Upon Escrow confirmation, the Seller sends shipping documents to the buyer:
1) Complete set of the original clean on-board B/L or Airway Bill marked “freight Payable as per Charter Party”
2) 1 (one) original and 1 (one) copy of the Seller’s commercial invoice
3) 1 (one) original and 1 (one) copy of the packing list
4) 1 (one) original and 1 (one) copy of the insurance certificate
5) Upon SGS confirmation sent to the Escrow account holder, Lohan & Co by email immediately releases 100% of the funds to the seller.
6) Shipping process repeats until the entire contract quantity is dispatched.



THANKS FOR YOUR HELP
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picant
Posts: 1942
Joined: Wed Aug 20, 2008 1:49 pm

Re: SAFE PROCEDURE WITH ESCROW ACCOUNT

Post by picant »

Hi Pal,

never heard about AWB with freight payable as per Charter Party, iMHO you have to be confident with
the Escrow Account Holder, frankly I will prefer a documentary credit issued by buyer's bank and
confirmed by my bank.
Other comments appreciated
Ciao
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