Close Shipping Bill Without Payment (Due to Damaged Goods)

Sir,

In the year March-2023 we exported cylinder cap to Nepal and the goods value is Rs. 40,000/- in this transaction shipping bill generated and material reached to buyer. After receving material by buyer found that the 90% material is damaged and not in condition to use furthermore. So, the buyer refuse to give above said amount to us and due to this reason in our bank overdue showing we unable to close the shipping bill due to not getting the payment.

so, in this case please guide how can we knockoff the pendency in bank without payment.

Replies (1)

Knockoff Pendency in Bank without Payment To resolve the pendency in your bank account without receiving payment, consider the following options: Option 1: Claim for Refund or Credit - *File a Claim*: File a claim with the buyer for the damaged goods, providing evidence of the damage and the original shipping bill. - *Negotiate a Settlement*: Negotiate a settlement with the buyer to either return the damaged goods or receive a partial payment. Option 2: Bank's Documentation - *Submit Documents*: Submit documents to the bank, including: - Commercial invoice - Packing list - Certificate of damage or inspection report - Correspondence with the buyer regarding the damage Option 3: Write-off or Bad Debt Claim - *Write-off*: If the amount is irrecoverable, you can write it off as a bad debt in your books of accounts. - *Claim Bad Debt*: Claim the bad debt in your income tax return, providing evidence of the write-off. Option 4: Bank's Specialized Services - *Consult Bank's Trade Finance Team*: Reach out to your bank's trade finance team to explore possible solutions, such as: - Insurance claims (if applicable) - Negotiation with the buyer - Alternative payment arrangements Additional Steps - *Review Insurance Coverage*: Check if you have insurance coverage for damaged goods during transit. - *Maintain Records*: Keep detailed records of all correspondence and documentation related to the damaged goods and payment dispute. Recommendations - *Consult a Trade Finance Expert*: Seek advice from a trade finance expert or a banker to determine the best course of action. - *Communicate with the Buyer*: Continue communicating with the buyer to resolve the issue amicably [1].1

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