THE MUST DOS IN DOING BUSINESS INTERNATIONALLY: REALITIES OF CHINA-CHILE TRADE TRANSACTIONS
One of the major setbacks in doing business is the risk of being defrauded. Most often than not, fraud cases are caused by unguided dealings and lack of extensive research of potential business partners, especially in doing transactions internationally. Being the only Chinese law firm in Santiago, Chile, fraud cases comprised most of the cases that our law firm handled. Sadly, Chinese businessmen – both big and small – are being made victims of their so-called partners from Chile. One of our cases involves a big Chinese company ABC, importing Durvillaea Antarctica from a Chilean company XYZ. The need for the products is urgent that ABC entered into a Sale Contract involving a huge quantity of products and made payments right away to XYZ. However, not a single piece of product arrived in China and XYZ disappeared and in no way can be contacted. In doing business, the first thing to do is to research . And this does not include solely researching the market, but as w...