Terms of payment
From the time we have settled on the details of a purchase order (PO), you can expect to have your wares within no less than 30 work days. However, depending on the size of your order, It can even be shipped off within two weeks of an agreement to the PO.
We will consistently keep you informed on how your order is progressing with pictures and updates, so you can be certain that everything is proceeding correctly according to our agreement.
We require an upfront payment of 40% of the total sum of the order to initiate production, the remaining 60% will be payable when the order has successfully been shipped off.
TM THAI RICE
offers two options for the terms of payment; either cash (1) or a letter of credit (2)
Any order is payable through Krung Thai Bank (KTB)
We will provide all the relevant account details upon agreement
Paying by cash is the faster and cheaper option
Letter of Credit (LC)
This method involves four participants: Buyer, Issuing bank, Advising bank and Seller
1. Buyer and Seller agrees to the terms, including; means of transport, period of credit offered (if any) and final date of acceptable shipment.
2. Buyer applies to the Issuing bank to issue the Letter of Credit. The Issuing bank will then evaluate Buyer's credit standing and may require cash cover and/or reduction of other lending limits.
3. The Issuing bank then issues the Letter of Credit, forwarding it to the Advising bank by any appropriate means.
4. The Advising bank establishes authenticity of the Letter of Credit and then informs the Seller.
5. Seller should now check that the Letter of Credit matches the commercial agreement and that all its terms and conditions can be satisfied.
6. Seller ships the goods, then assembles the documents called for in the Letter of Credit (invoice, transport documents etc.)
7. The Advising bank then checks the documents against the Letter of Credit. If the documents are compliant, the Advising bank then pays Seller and forwards the documents to the Issuing bank.
8. The issuing bank now checks the documents. If they are in order the Issuing bank then reimburses the Advising bank immediately
9. The issuing bank debits the buyer and releases the documents (including transport documents), so the Buyer can claim the goods from the carrier.