After Registration, An Interested Buyer logs-into Tradologie.com’s Buyer App and Sets-Up their Inquiry for Purchasing a Specified Commodity by providing all the details pertaining to his requirement, payment conditions, packaging conditions and delivery terms.
Further to buyer inquiry, sellers chosen by the buyer are informed about the buyer requirement along with all the relevant information. Once they are informed, sellers give consent to participate in the negotiations and deposit performance guarantee* aswell. Preceding all the formalities, sellers are intimated about a 120-minute window to quote their rates to the buyer. This negotiation is conducted in Real-Time, so sellers can see the number of other participants and their price quotes also.
The buyer has the option to present any of the participating sellers with a counter offer within 15 minutes, before the end of the negotiation. The offer shall be a firm offer which, if accepted, shall have the potential to convert into an order automatically. Additionally, the seller has the option to accept the counter offer within 15 mins, after the offer has been dispensed.
Buyer can place an order to any of the participating sellers in case the counter offer is not accepted. Upon placement of order, buyer has to share LOI or purchase order which when accepted by the seller, later has to provide draft contract and proforma invoice.
The buyer completes the required payment obligation as per a chosen method selected while floating the inquiry, within a stipulated time frame. Payment obligation has to be fulfilled before order dispatch, in all instances. Currently, the Payment Obligations can be completed by 3 Methods
Seller is responsible to facilitate inspection of goods, from the agency appointed by the buyer, at the selected site.
Advancing from the inspection, goods need to be dispatched to the buyer, before the last allotted day of dispatch and all the shipping related documents need to be uploaded for buyer’s verification. Later, once the goods are delivered, proof of delivery needs to be uploaded, to verify receipt.
After the successfully delivery of goods the supplier can attain thr payment by approaching their bank .the bank will be holding the payments in the form of Lc or through ESCROW till the time of delivery and once the payment is released the transaction will be considered complete. For ESCROW Payment transferred from ESCROW to Seller Bank Account within 3 Banking Days from the date of Receipt or Repeating of bill of loading For LC Delivery Receipt Can be used to get Lc Discounted For 30% Advance balance against documents seller to send documents to buyer bank and buyer will make payment to get the document released to take delivery.
A Buyer Interested in purchasing material logs on to setup his enquiry where he specifies
Upon Specifying Specs, The Buyer chooses Supplier of his choice and deposits Performance Guarantee as per Trade Policy.Learn More
Once the Sellers selected by the buyer receive the enquiry which contains all relevant information, they give their consent to participate in negotiation, deposit performance guarantee* & are intimated the 30 minute window to quote their rate for the buyer. During Realtime Online Negotiations the sellers are able to see
Buyer has option to present any of the participating sellers with a Counter Offer within 15 Minutes of the End of the Negotiation. The Offer shall be a Firm offer which, if accepted, shall convert into an order automatically. Seller shall have 15 minutes to reply to the counter offer presented by the buyer.Learn More
Buyer completes Payment Obligation as per method chosen by him at the Time of Floating Enquiry within Stipulated Time Frame. Payment Obligation shall be done before dispatch of goods in all instances.
Currently the Payment Obligations can be completed by 2 Methods
Opening a LC in favor of the Supplier
Making Payment Through ESCROW Account maintained by Kotak Mahindra BankLearn More
Seller Facilitates Inspection of Goods by Buyer appointed Inspection Agency at site.Learn More
Goods Dispatched to buyer address before last date of dispatch.
Delivery related document uploaded for buyer verification. Proof of delivery uploaded to verify receipt.Learn More
Upon successful delivery, the supplier is able to get his payment by approaching his bank holding the LC or through ESCROW to complete the transaction.
Payment Transferred from ESCROW to Seller Bank Account within 3 Banking Days from the date of Receipt or Reporting of Bill of Lading.
Delivery Receipt Can be used to get LC Discounted.Learn More
The Performance Guarantee is Kept to establish the legitimacy of the buyer who is floating the enquiry and to safeguard against the defaults of the parties conducting trade.
The Performance Guarantee are retained/ Blocked in the ESCROW account of the company till such time the Obligation of Buyer & Seller is Not completed as per the Trade Policies of Tradologie.com
The Buyer & Sellers can use the Credit Card Blocking Services at the time of Floating an Enquiry & to Participate in Negotiations Respectively as Performance Guarantee (PG). By use of this Service, the amount of the Performance Guarantee is not deducted from the credit card but an electronic block/lien is created on your credit card for the amount equivalent to the PG.
The block on the Credit Card is removed if no order is placed by the buyer or after the completion of your obligation incase the order is placed upon you by the buyer.
An ESCROW account is an internal account of the Bank which is operated on the basis of Predefined Terms & Conditions decided between the users of the ESCROW account.
As per RBI Guidelines, All payments made in the ESCROW account of an E-Commerce Platform by a Buyer are to be used to pay the seller. Tradologie.com can only be paid for its services from the ESCROW account.
Whenever a negotiation session is confirmed, TRADOLOGIE sends an email to all the parties involved – buyer and sellers with the schedule of the session. Also, when you log on to your TRADOLOGIE account, you will see a notification of a pending request on your homepage. You can click the notification to proceed with participation.