Cairo Chamber is demanding the importers of "precautionary measures"

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Thursday - 23 October 2014 - 9:43 AM

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Cairo Chamber of Commerce warned importers and owners of Egyptian companies from dealing with any third-party companies without legal proceedings preserving their rights. That is because of many complaints like lack of commitment to agreed duration for the arrival of goods or manufacturing defects, or non-compliance with contracts.

 

 

 

Eng. Ibrahim AlAraby the Chamber's chairman said that he had formally received a letter from Commercial Office of the Egyptian embassy in London, which includes that  Egyptian companies  should  follow all legal means when dealing with English companies to avoid problems, the loss of rights of Egyptian companies, as is happening now, and the Egyptian commercial office in China, has also addressed the Chamber in the same regard.

 

 

The Chamber's Chairman confirmed that all Egyptian companies should take precautionary measures like: registering concluded contracts, that include all the items of specifications and terms of payment and delivery; don't rushing in Cash transfers procedures and also putting penalty clause in case of violating specifications or in case of shipping delay. He as well as referred that payment should through letter of credit instead of cash transfers.in addition to that the contracts should include item for commercial arbitration and guarantee all the rights 

 

 

He added that the Chamber coordinates with Foreign embassies to solve all the problems between Egyptian and foreign companies, especially Chinese embassy, which announced that trade transactions should be through commercial offices and should get all the data of registered companies to avoid problems.