How can we claim the $100,000 compensation from India company?
Let us present to you our issue:
This is dispute between our company Tin Mai Co., Ltd (a Vietnamese Exporter) and SA Rawther Spices (P) Ltd (Indian importer) with below details.
On 24.11.2016 Tin Mai Co., Ltd and SA Rawther Spices (P) Ltd. (Address: Pydeti Village, Parigi Mandal, Hindupur, Ananthpur District, AP-515001, India) signed contact to export 54 MT black pepper with a sum of 365,850.00 USD, payment method CAD (D/P at sight).
On January 2nd, 2017, the consignment arrived at ICD Bangalore, however, SA Rawther Spices (P) Ltd. neither cleared the payment nor received the cargo with unseasonable and unacceptable reason that the pepper price was falling down.
In March, 2017, at the office of SA Rawther Spices (P) Ltd, Tin Mai Co., Ltd. and SA Rawther Spices (P) Ltd signed a Settlement Agreement that allowed Tin Mai company either to re-sell or ship back the cargo to Vietnam and SA Rawther Spices (P) Ltd agreed to pay USD100,000 (US dollars one hundred thousand only) as compensation amount before 30 April 2017. But, till now Tin Mai Co., Ltd. has not yet received anything from SA Rawther Spices (P) Ltd.
Obviously, it's faults and unfair trade practices, as far as we know, Tin Mai Co., Ltd had sent it's complaints along with all supportive documents to you and Directorate General of Foreign Trade (DGFT), Bangalore, India but to no avail.
1. How can we claim the $100,000 compensation that the buyer has to pay? And what are steps for claiming?
2. What we have to do if customers shall no pay?
We look forward to your advice and comments on this case.
Thank you and Best regards
Nguyen Ngoc Thu