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Last Updated On 20-Apr-2019
Contracts and Agreements

Trade agreement

Hi , i am jay from rajasthan and i am starting a new trade firm. I supply agro products to my clients. Client is ready to pay 20% advance against LR copy and pdc cheque/blank cheque for remaining 80% and he is ready to do agreement with signature. For this above term. Is there any problem arise if i do business in this way? Because i am concerning my remaining payment to be secure 2nd- my another client is giving pdc check of total amount aginst LR copy while purchase order and when i will diliver goods they will take cheque bavk and will pay by RTGS , agreement will be done both us , is there any problem if i do business like this way? Please let me know , by these two way my payment is secure from buyers? Thank you

06-May-2018

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dear client in your case In the first instance, you are inquiring about the problem that may arise in the way you are doing business. In Legal sense you wil not be having any problem till the time you keep the records properly.Secondly, again the query is for business conduct. The conduct of business is kept up to the owner and they shall not be charged till they have proper documents and have maintained the records and pay tax accordingly.
Posted On 20-Apr-2019
Vidhikarya
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Dear Sir,
In these days we cannot believe any body. Moreover the cheque validity period is reduced to 2 months.If they are not honest you have to lose 80 percent. Let it be raised to 50 percent. Both are legal but one cannot believe the recent trend of changing of financial schemes by the government.
Posted On 06-May-2018
Kishan Dutt Kalaskar
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You have two issues regarding accounting and monthly GST returns / Income Tax returns advance tax and annual returns.The solvency & integrity of your client and recoveries of balance payments and complicated legal recourse for realization of outstanding.
Posted On 06-May-2018
Vidhikarya
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As per IT and sales tax, etc., keep proper bills and signature of customer in order form, and counter sign in bills. You must know that more than legal issue, solvency of customer is more important in business.
Posted On 06-May-2018
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