A Dual Approach of Negotiation and Arbitration followed in order to Settle International Sales Contract
In September 2013, the Singapore company sold a batch of iron metal powder with more than $4 million to one Hong Kong company. After delivery was completed, the Hong Kong company failed to pay as agreed in contract, and more than $600,000 was in arrears.
The Singapore company has repeatedly urged and failed, he then entrusted Lawyer Xinli Li in March 2014 to deal with the issue. Lawyer Li negotiated actively with the buyer while he prepared to initiate the arbitration. After serval rounds of discussions, the buyer was persuaded and payments were secured in less than two months. The Singapore company was not only able to recover all the arrears at one time, but also has received hundreds of thousands of yuan of overdue interest paid by the other party.
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