What should be done if buyer is not paying as per L/c as per contract because of quality?

437 Views Updated: 06 Dec 2018
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We have signed a sales contract in L/C. After shipment of the product buyer raising quality claim and damage claim. And withholding our L/c payment and offering a 35% less the amount as contracted. we are urging for the full payment as per contract and offering them free supply of the damaged product again but to release our L/c. We have taken loan against the L/c. Now bank is pressing us hard for the L/c .but buyers are not agreeing. We are now in huge trouble. What can settle the issue where we can claim the contracted value..

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