Wisconsin Business Recovers Loss From Cargo involved in Baltimore Bridge Collapse

The DeLong Co., Inc. is a 110-year-old organization headquartered in Clinton, WI offering seed, agronomy, grain, export, transport, and wholesale services for the agricultural industry. 

DeLong contacted the Commercial Service (CS) Milwaukee for assistance in getting its two irrevocable sight letters of credit (LC) paid by the Central Bank of Nepal according to Bankers Association for Finance and Trade (BAFT) rules.  The sight LCs were compliant; however, the Nepalese buyer stated that any payment made for a shipment must be accompanied by the arrival of the cargo in Nepal within 60 days.

CS Milwaukee worked with both CS Nepal and the Wisconsin District Export Council to help counsel and advocate for DeLong’s payment.  CS Nepal via the American Chamber of Commerce in Nepal (AmCham Nepal) confirmed that there was no legal reason that the payment could be held based on the 60-day cargo arrival regulation.  On bequest of CS Nepal, AmCham Nepal contacted the Central Bank of Nepal to share its concerns that payment was being held on legally binding and compliant LCs.  The DeLong Company, Inc. confirmed that the payments had been made on both the LCs.
 

“Delong truly appreciates your help/guidance and believe you have made a huge effort and ultimately brought about the best outcome possible to our situation.” - The Delong Co.