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Capital Goods Import 8 years 5 months ago #88

Newly Setup Company raise a PO for Imports of Machines from Japan and after received PI they paid some amount as per PO term but before purchase or paid balance amount this company is takeover by another comapany. So Please give the procedure for balance payment and also import the Machines.

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Re:Capital Goods Import 8 years 5 months ago #90

Much depends on the terms of agreement on takeover. If the liability to the foreign party is taken over then settlement by the later co shall discharge the earlier co.The foreign party may also be intimated regarding the taking over of the liability by the new entity.But the foreign party being a stranger to the agreement may issue receipt in the name of the earlier co and that can constitute sufficient discharge.

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