Any remedy available to a buyer of oi...

Any remedy available to a buyer of oil against a Russian seller?

Posted in the Banking Forum

Since: Oct 13

Pakistan

#1 Oct 3, 2013
Hello:
We are an established trade & finance house with a global clientele
that includes governments, oil refineries, airlines, oil trading companies, majors, resellers, high net worth individuals, etc.
We are currently working with a few Russian oil refineries through their mandates who have received our buyer-signed Draft contracts and are now required to provide notarized contracts along with partial POP documents & NCNDAs/IMFPAs in order for the buyers to ask their banks to issue MT103/23 as payment instrument. However, despite five weeks the sellers are not moving forward by providing the long overdue documents.
Is there any remedy, legal or otherwise, available to us and our
clients?
RAJ

Bangalore, India

#2 Oct 3, 2013
Dear Sabeehk, Did you put penalty caluse in the contract if either party fails to perform then they have to pay the some percentage as PBG, PERFORMANCE BANG GURANTEE. IF YOU DIDNT PUT THIS CONDITIOIN THEN IT IS USELESS TO MOVE INTERNAIOANL COURT TO CLAIM PENALTY.

THAT IS FOR MONETARY PURPOSE BUT YOU CAN PUT THAT SUPPLIER NAME IN THE BLACK LIST OF INTERNATIONAL COMMUNITY.
sabeehk2 wrote:
Hello:
We are an established trade & finance house with a global clientele
that includes governments, oil refineries, airlines, oil trading companies, majors, resellers, high net worth individuals, etc.
We are currently working with a few Russian oil refineries through their mandates who have received our buyer-signed Draft contracts and are now required to provide notarized contracts along with partial POP documents & NCNDAs/IMFPAs in order for the buyers to ask their banks to issue MT103/23 as payment instrument. However, despite five weeks the sellers are not moving forward by providing the long overdue documents.
Is there any remedy, legal or otherwise, available to us and our
clients?

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