REQUEST FOR PAYMENT DELAY

 

REQUEST FOR PAYMENT DELAY

Dear Sirs,

Wishing you a prosperous New Year 1998.

First we would like you to accept our apologies for causing you inconveniences due to payment delay of .00.

However, we would solicit you to understand our difficult circumstances caused by not only the Korean economic crisis near bankruptcy which involve snowballing foreign exchange losses resulting from the steep devaluation of Korean Currency, i.e. losing almost 50% of its value but also the income deficit due to the bankruptcy of two large companies, our customers. Accordingly we are afflicted by the budget shortage for remittance and so we propose you to either send us a new order if your clients entrust you with a new Korean Patent/Trademark Application so as for us to offset your account or wait until when the Korean Foreign Exchange Market become stable and recover the foreign exchange rate (based on T/T Selling Rate : USD 918.00 ; DEM 522.36 ; FRF 155.91 ; JPY(100) 761.93 ) effective October 1, 1997. To make us more miserable, there began to occur insolvent clients while we have to take the responsibility of their payment due.

We kindly request you to recognize our serious economic crisis as force majeur, provided that we guarantee the payment for you ultimately. We will greatly appreciate it if you accept our proposal.

 

Very truly yours,