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
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.
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.