EMERGING ECONOMY, EMERGING CHALLENGES
Traders across the globe transact in domestic and offshore markets. The import and export of goods and services across and within countries is significant in todays global world. It becomes imperative to secure these transactions in order to facilitate trade. The Banks play an important role in the same. However, traders show reluctance in dealing with the banks in order to secure the transaction, mainly due to the tedious procedure and non-adjudication of grievances between the parties in respect of the product/ service.
The buyers often give huge orders to the unverified trading entities, otherwise the buyers face certain quality issues with the existing ones. Whereas, the sellers often receive huge orders from the unverified buyers, otherwise the sellers face certain non payment issues with the existing ones.
In such cases, We, at Lok Lawaad- an escrow trustee and a fast track arbitration centre create a secure facilitation passage for parties to transact securely and responsibly. We play a role of a responsible umpire between the parties. Our legal background creates a positive secure outlook to a unfamiliar trading partner. Thus, we establish trust and security to every business transaction between the parties. We are like an insurance for the security of the buyer's money and like an insurance for the recovery of seller's money.
The instances where we play important role;-
i) Indian or non-Indian buyer, while transacting with Indian or non-Indian trader (seller / supplier / manufacturer), faces issue with specifications, quality, quantity and delivery of the product or service agreed.
ii) Indian or non-Indian trader (seller / supplier / manufacturer), while manufacturing and delivering goods/ services to the Indian or non-Indian buyer (customer), faces issue with recovery of money from the buyer (customer).
Now, we can say!
Emerging challenges? Resolved!