Thanks for your question. You wrote:
I need help or advice on how not to lose money in buying after sending LC, to be sure the contents of the box or ship is as per agreed same and quality of products that we agreed
How not to lose money when sourcing from China.
Sometimes the letter of credit states that funds transfer to the seller upon provision of bill of lading (meaning the goods are on the boat and ready to ship). However, if the seller shipped you a box of rocks, you wouldn’t know until after the payment was made. So make sure the terms of the LC protect you and even more important- be sure to conduct your due diligence upfront and have 3rd party inspection in place to ensure the item shipping is what you actually ordered.
Here are some more resources explaining how to source safe:
- How to lower my exposure to risk when sourcing in China?
- Essential sourcing skills: Supplier Verification
- Advanced buyers (video blog) on YouTube
- Video 2: Evaluating Suppliers
- Video 4: Project Management and Quality Control
- Video 8: Avoiding Scams in China
Glad to help. Let me know how things work out for you.
Question answered by Mike Bellamy.
Advisory Board Member & Featured Blogger at the not-for-profit China Sourcing Information Center (www.ChinaSourcingInfo.org). Author of “The Essential Reference Guide to China Sourcing” and founder of PassageMaker Sourcing Solutions.