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Author Topic: line of credit  (Read 519 times)

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Offline sachiniitd

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line of credit
« on: July 03, 2016, 04:12:56 AM »
I am a business owner. I have to make a client. The client is not willing to pay any advance and is a bigger client than any we had in past. I am thinking of offering him a line of credit and then raising funding on being able to attract a client. In case I don't get funding, what will happen because certainly we cannot pay the risks by ourselves. Is Line of Credit withdrawable after havng been offered and accepted? Or in other words, I don't have to extend the line of credit if I am not able to after I have given it to the client.

Offline rajgopal sripathi

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Re: line of credit
« Reply #1 on: July 15, 2016, 06:54:14 PM »
Hi
You should enter in to a firm irrevocable order before entering in to the line of credit with the buyer.

Alternatively if the order can have milestone based payment, that should partially ease your finances.

So you need to negotiate with the client on whether the order is irrevocable or if the client is willing to make mile stone based payment.

Once the order placed by your client is irrevocable, with this order you can also get bank finance for this specific order. Opting for bank route is safe because, banker's will take steps to  initiate payment collection proceedings with the buyer's bank once you have submitted your invoice and LR to your bank.

Rajgopal Sripathi
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email:rajgopal@legalwin.in

 

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