How It Works
Post Your Enquiry
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.
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Commodity
Required -
Quantity
Required -
Delivery
Period -
Payment
Method -
Custom
Specifications -
Inspection
Agency
Seller negotiation
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.
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No. of Participants
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Their quoted Rates
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Lowest Rates
Counter Offer
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.
ORDER PLACEMENT
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.
Buyer pay-in
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
- Opening an LC in favor of the Supplier
- Paying 30% Advance to the Seller against Proforma & Balance when the Seller sends shipping documents to Buyer Bank
- Making Payment Through ESCROW Account maintained by Kotak Mahindra Bank
Inspection of goods
Seller is responsible to facilitate inspection of goods, from the agency appointed by the buyer, at the selected site.
Delivery of goods
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.
Payment Successfully
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.
