The Wholesale Forums

[Ben_Import]

Hi everybody

This is my first post in this forum
I ve been reading for a while here and would like to thank all of you for those precious informations you guys post everyday.

Now here s my situation:
I m in the middle of a deal, I have the supplier and a buyer from the UK
(I m from canada)

Now my buyer has provided me with an ICPO, and that s fine.
But my supplier would like to have a proof of funds, before he actually orders the goods from the manufacturer.

I ve heard that in the UK, POF are illegal, as in the banks wont issue them, and I wont be allowed to verify them from the buyer banks.

So how do you guys usually verify that the buyer has funds if he s from the UK?

I know that the Icpo is irrevocable and is in itself a proof that the buyer is serious about it, but this is still not a proof for the supplier....


Another question:
Can I uses, say SGS or Hellmans as a 3rd party that would kinda act like Escrow ?

Meaning that the buyer would transfer the money to Hellmans, the supplier transfer the goods to a 3rd party warehouse, get everything inspected by the buyer without the seller, and go from there? The buyer would inspect the goods and if everything s alright, allow Hellmans to free the money.

I dont know if this is clear so if you have any questions please dont hesitate
and any help would be appreciated

Thanx

ben

[DSC]

Bank references are easy to get hold of in the UK and may be enough to satisfy the supplier, what about a LC?

[Ben_Import]

Well at the beginning we agreed it would be paid by fly and buy TT, so I really would like to stay at that and not change the terms of what was originally planned.


what would the bank references include??
just name adress etc? Can I verify them and is it a proof of funds?

[greedyboy]

A bank reference will only tell you if they are 'good' for an amount and that is it. Still no guarantees you will get paid.

Larger transactions can be put a 'Client Account' (like an escrow transaction) held at your lawyers. However not sure how this would work internationally.

[Weedog]

Larger transactions can be put a 'Client Account' (like an escrow transaction) held at your lawyers. However not sure how this would work internationally.[/QUOTE]

It works the same , Ie they transfer from on client acc to the other, Best way is to use a Lawyer that has international branches and they basically transfer the money by phone/internet to each others client acc's as the transation proceeds through its stages

[Ben_Import]

hey guys, thanx foir the answers
I ll see what my lawyer can do..

Another question, there was no bank information on the Icpo, is that normal?
I mean if there s no bank info what s the difference between a LOI and an ICpo then?

Also, I f I ask the buyer to include his bank info, or references in te icpo, does it have to be signed by the bank?
And if it is, can i consider that as an engagement by the bank? or a proof that the buyer do have the amount in his account

Thank you all

Ben