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| Nigerian Payment Law |
As of July 31, 2009, the government of Algeria's Cabinet of Ministers put into force a new regulation - la loi de
finances complémentaire.
Not only are the Algerian companies in a bit of shock but are currently trying to get article 69 revoke.
Article 69 stipulates: "Payment for import can only be executed by
means of documentary letter of credit".
What this means basically, in order to legally export to an Algerian customer you must only accept payment in
L/C, the customer is forbidden by law from paying through any other means.
Several large Algerian companies are currently trying to pressure the
government to revoke article 69 (or at least make exception for the
importers of raw materials). How stupid is that?
This regulations actually PROTECT Algerian buyers by forcing performance of their suppliers, while
protecting their buyers overseas from their own fiscal insolvency.
In this particular count, Algeria's government is to be commended for
their concern for safety. So many brokers, intermediaries, buyer/sellers still are not understanding the safety
of a L/C.
Regulations can be found at: http://www.premier-ministre.gov.dz
finances complémentaire.
Not only are the Algerian companies in a bit of shock but are currently trying to get article 69 revoke.
Article 69 stipulates: "Payment for import can only be executed by
means of documentary letter of credit".
What this means basically, in order to legally export to an Algerian customer you must only accept payment in
L/C, the customer is forbidden by law from paying through any other means.
Several large Algerian companies are currently trying to pressure the
government to revoke article 69 (or at least make exception for the
importers of raw materials). How stupid is that?
This regulations actually PROTECT Algerian buyers by forcing performance of their suppliers, while
protecting their buyers overseas from their own fiscal insolvency.
In this particular count, Algeria's government is to be commended for
their concern for safety. So many brokers, intermediaries, buyer/sellers still are not understanding the safety
of a L/C.
Regulations can be found at: http://www.premier-ministre.gov.dz