I am the broker of teak wood my parties are not giving me the payment properly so what i do?
Answer:
Vipul-bhai, I take it you are operating in India, and as a businessperson myself, reply on that basis :
A broker, or middleman, in any deal, should have a clear-cut understanding with both the sellers and buyers - as to the percentage of commission each one has to give, and WHEN that commission is to be paid.
Usually, the commission dues are cleared, [a] by the buyers, as soon as the delivery is made to their satisfaction, and [b] by the sellers as soon as their full payment is received.
.Unfortunately, most brokers operating in India do not obtain any written/signed document from either the buyers or sellers, about their payments. They operate only on a trust basis.
If these are the circumstances in your case, there is little you can do - as you will not be able to present the evidences required by a Court of Law, to prove the extents of your involvements in these brokerage deals.
Without such documented proof, you will only be wasting your time and money by filing a civil suit against your clients.
I will definitely not advice utilising the help of politicians, or criminals, to collect your dues - as you will only be shelling-out most of what you get, to them ! So, the only resort for you, now, is to keep on pestering your clients to pay up.
.In future deals, at least, make sure that you obtain legally acceptable, signed and registered agreements [on stamped paper] from the parties that you handle - especially the new ones.
I hope this will be of some help to you ! Best of Luck.
Simple do not deliver any goods before they pay.
Noe proceed ur bussiness in future with payment terma pre paid i.e before delivery
You may contact your lawer to send notice to your payment defaulter under indian contract act.
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Credit control is very importanat. If u do not excersise, u R not respected also. Take tough acxtions and decisions.
By the U said u R selling teak, teak sell by itself and if u do not know how sell and collect money in teak, u r not only spoiling the image of teak also loosing. UR customers are laughing their way to bank.
Wake up and be tough tell ur dealers, No Payment No Teak. delayed payment cancel their distributorshiop. Alternatively look for other dealers financialy in ur region. Do not go with the same herd. Change ur dealers and u will not have this problem.
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