Brief Summary of the case
Seller sold to Buyer some goods they signed the contract with payment terms as LC at Sight. The contract was signed. Then they have verbal agreement to change the payment terms to Advance payments and the contract was revised but not signed. The buyer however, made the 10% payment against the unsigned revised contract and the seller received the advance payment. In the mean time, the international prices of the goods started to come down and the buyer refused to make the remaining balance payment and instead started asking seller to refund him back the 10% amount even. The buyer is based in Dubai and seller is based in Iran. The agreement was done between buyer and seller through a broker and buyers representative in Dubai.
I need legal advise on this. I am from Seller's side.
regards
Muhammad Asim
muhammadasim.ipc 'at' gmail.com
Seller sold to Buyer some goods they signed the contract with payment terms as LC at Sight. The contract was signed. Then they have verbal agreement to change the payment terms to Advance payments and the contract was revised but not signed. The buyer however, made the 10% payment against the unsigned revised contract and the seller received the advance payment. In the mean time, the international prices of the goods started to come down and the buyer refused to make the remaining balance payment and instead started asking seller to refund him back the 10% amount even. The buyer is based in Dubai and seller is based in Iran. The agreement was done between buyer and seller through a broker and buyers representative in Dubai.
I need legal advise on this. I am from Seller's side.
regards
Muhammad Asim
muhammadasim.ipc 'at' gmail.com
