The Escrow Plus Process is composed of five easy steps designed to provide both the Buyer and Vendor with a secure transaction environment. As an added benefit, both parties can follow a transaction’s progress in real time in the Escrow Center of The Broker Forum site. The following section describes each of the steps in the process.
The Escrow Plus Process:
1. Completion of the RFQ process online
Buyers and Vendors complete the RFQ process on-line in the usual way. Members can now see more choices on the RFQ page. These new drop downs correspond to the different options available to you via the Escrow Plus transaction process.
2. Certified Inspection lab selection
Either the Buyer or Vendor must then select the Inspection lab and the location, and determine which testing level is required (3 levels).
3. Inspection requirements and tracking
Once both parties have agreed on all the terms, they follow the instructions and keep track of their transaction in the Escrow Center of The Broker Forum site.
4. Parts inspection by a neutral third party certified lab
Once The Broker Forum receives the funds, the Vendor is instructed to ship the parts to the selected certified lab. The lab then conducts the inspection work as specified in the transaction terms, and uploads its findings in the Escrow Center. Inspection can take as little as 2 or 3 business days, or more, depending on the type of testing required.
5. Pass/Fail Condition: Ensures your Protection
The mandatory Pass/Fail condition in Escrow Plus is a key component of the process not offered by other escrow services. This important step ensures that both the Buyer and Vendor are protected during a transaction. As a Buyer, the parts you purchase are guaranteed to comply with the inspection level you agreed to with the Vendor. As a Vendor, you are also protected, since the Buyer cannot switch your parts with counterfeit or defective parts.
Moreover, in a constant effort to help protect its members against fraud, we’ve implemented a system that reprimands any Vendor who attempts to sell counterfeit parts during an Escrow transaction. This multi-tiered process has been very effective in reducing fraud activity on The Broker Forum. Less fraud means a better bottom line for everyone.
5a. Parts pass inspection
If the parts pass inspection (based on agreed transaction terms), they are shipped to the Buyer and the funds are immediately wired to the Vendor.
5b. Parts fail inspection
Should the parts fail inspection, the Buyer is refunded for 100% of the cost of the parts as well as the inspection fees. In turn, the failed parts will be returned to the Vendor and they will be responsible for payment of the Escrow PLUS inspection fees.
|
Inspection Levels
With Escrow Plus, the Buyer or Vendor selects which of the three available testing levels is required.
Level 1:
Starting at $260 per date code
Visual, Optical & X-Ray inspection on 10 samples, 1 sample decapped.
Level 2:
Starting at $360 per date code
Level One + Pb testing on 2 samples.
Level 3:
Quote required
Custom requirements determined by Buyer. Buyer & Vendor must approve Lab Level 3 Quotation.
>> Escrow Pricing
|
