QUESTION

I am a electronics reseller and buy a lot of electronics from supplier. I had a question about wiring money to a new supplier

Asked on Sep 18th, 2012 on Business Law - Texas
More details to this question:
Lets say I wire money to my supplier and never receive products..in that case what can I do to recover my money back. Is there any steps I can take to make sure my money is safe. Any more suggestions/comments would be appreciated.
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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If you prepay for goods and do not receive them, your options are pretty limited. You can cajole and threaten, but ultimately you may have to sue and the vendor may not have the money. A better plan is not to prepay, but to buy on credit. If your vendor does not consider you sufficiently creditworthy to ship on open account, then perhaps they will accept a letter of credit from your bank. In any case, you should pay only after receiving the goods.
Answered on Sep 18th, 2012 at 9:08 AM

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