One party is a representative of an Indian company from afar, one is a local business executive, and the other is an international commercial mediator. On January 14, the three parties gathered together to resolve a dispute over international trade contracts.
Indian Consulate General in Guangzhou pays attention to the case
In March last year, Zhuzhou Yihong Jiawei Cemented Carbide Tools Co., Ltd. (hereinafter referred to as “Yihong Jiaweiâ€) signed an export contract for cemented carbide blades with the Indian Engineer-ing Impex Company (hereinafter referred to as the Indian company) for US$52,000. . The Indian company has prepaid $26,000.
Under the international financial crisis, the prices of raw materials are changing rapidly. To this end, “Yihong Jiawei†and the Indian company revised the contract several times, and the contract was not fulfilled in time. The Indian company asked the “Yihong Jiawei†to return the advance payment, and the dispute arises.
The dispute has attracted much attention. The Consulate General of India in Guangzhou specifically called the Zhuzhou City Council for the Promotion of International Trade to seek support and assistance.
Resolve disputes in accordance with international customary methods
At the end of last year, the Zhuzhou Office of the Hunan International Commercial Mediation Center of the China Council for the Promotion of International Trade (CCPIT) officially accepted the dispute between “Yihong Jiawei†and the Indian company. The case became the first case of international trade contract dispute accepted by the province (city) office, and was recognized as a typical case by the provincial trade promotion association.
The Zhuzhou Office was established in December 2008. Its function is to mediate the independent and impartial help of Chinese and foreign parties to resolve commercial disputes. It is a common way to solve trade frictions internationally.
Thanks to the efforts of international commercial mediators, “Yihong Jiawei†and the Indian company finally reached an understanding and signed an agreement, and both parties agreed to deduct the amount owed by the raw materials. Subsequently, the raw materials were successfully delivered.
It is reported that there are more than 10 hard alloy enterprises in the city with business relations with related companies in India. The successful resolution of this dispute will help our city's enterprises to further explore the international market.
Indian Consulate General in Guangzhou pays attention to the case
In March last year, Zhuzhou Yihong Jiawei Cemented Carbide Tools Co., Ltd. (hereinafter referred to as “Yihong Jiaweiâ€) signed an export contract for cemented carbide blades with the Indian Engineer-ing Impex Company (hereinafter referred to as the Indian company) for US$52,000. . The Indian company has prepaid $26,000.
Under the international financial crisis, the prices of raw materials are changing rapidly. To this end, “Yihong Jiawei†and the Indian company revised the contract several times, and the contract was not fulfilled in time. The Indian company asked the “Yihong Jiawei†to return the advance payment, and the dispute arises.
The dispute has attracted much attention. The Consulate General of India in Guangzhou specifically called the Zhuzhou City Council for the Promotion of International Trade to seek support and assistance.
Resolve disputes in accordance with international customary methods
At the end of last year, the Zhuzhou Office of the Hunan International Commercial Mediation Center of the China Council for the Promotion of International Trade (CCPIT) officially accepted the dispute between “Yihong Jiawei†and the Indian company. The case became the first case of international trade contract dispute accepted by the province (city) office, and was recognized as a typical case by the provincial trade promotion association.
The Zhuzhou Office was established in December 2008. Its function is to mediate the independent and impartial help of Chinese and foreign parties to resolve commercial disputes. It is a common way to solve trade frictions internationally.
Thanks to the efforts of international commercial mediators, “Yihong Jiawei†and the Indian company finally reached an understanding and signed an agreement, and both parties agreed to deduct the amount owed by the raw materials. Subsequently, the raw materials were successfully delivered.
It is reported that there are more than 10 hard alloy enterprises in the city with business relations with related companies in India. The successful resolution of this dispute will help our city's enterprises to further explore the international market.
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