How to get your money back from abroad? (FORBES)
Let us take a look at a typical example. A Ukrainian company purchases steel from China. Upon the delivery, it appears that the quality of steel is low. However, the payment for the delivered goods has been already made to the bank account of the Chinese counterparty.
All efforts to resolve the dispute amicably have not brought any positive result: the Chinese seller simply ignores all claims and maintains that the delivered goods are in compliance with the Chinese quality standards.
What Ukrainian company can do to get its money back?
It has neither an operational branch in China, nor the experience of dealing with Chinese laws. Moreover, the differences in languages, national currencies and time zones make it even harder for the Ukrainian company to deal with this issue.
The company has applied for a legal advice to Ukrainian office of TCM Group International. Our lawyers analyzed the claim and conducted series of negotiations with the Chinese counterparty. Importantly, the Chinese office of TCM Group International has played a prominent role in the process.
Consequently, as a result of a 6 hour-long mediation, the Chinese counterparty recognized the delivery of non-conforming goods. In addition, the Ukrainian company obtained a guarantee to receive a monetary compensation within the agreed period of time.
Please note that the Ukrainian company managed to get the money back without engaging in a costly and lengthy litigation. Until recently, such an option was not available in Ukraine.
Since TCM Group International entered the Ukrainian market, any company, having an unsettled commercial dispute, can protect its commercial interests in China and in 144 other countries.
In the coming issues, the lawyers of TCM Group Ukraine will tell you more about the ways to return your money in international commercial disputes.
I wish everybody the best of luck in business, and see you on the pages of “Forbes”!
– published at Forbes Ukraine, January 2015, p. 23
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