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PRIVACY POLICY

Payment Policy of Tradologie

Our payment policy gives the buyer and sellers a secure marketplace to conduct their business. To safeguard the buyers and sellers against default of the counterpart in completing the trade, Tradologie.com has put in place the facility of an upfront Refundable Commitment fee. The guidelines and policy relating to the commitment fee is given as below

  1. Commitment Fee Policy
    1. The Commitment fee is applicable on all bulk trade being conducted through Tradologie.com and is to be deposited in the ESCROW account of the platform both by buyers and sellers before they enter into negotiations with each other.
    2. The value of the commitment fee is dependent on three factors :-
      1. The Quantity of product for which the negotiation is being established
      2. The Reference Price of the product category to which the product belongs to.
      3. The Percentage of the transaction value to be taken as Commitment Fee for the category.
      The three factors are linked with each other through a simple formula which is Commitment Fee to be Charged = Quantity X Reference Price X Catagory %
    3. The Reference price of the different categories and the Category % is notified on tradologie.com under Resources and is subject to change from time to time without any prior intimation.
    4. The Buyer and seller obligations toward the commitment fee shall be established at different points as mentioned in 1.4.1 and 1.4.2 respectively.
    5. The Buyer’s obligation towards the commitment fee shall be created after he has completed the creation of enquiry and has selected the seller’s for taking part in the negotiations.
    6. The Seller’s obligation towards the commitment fee shall be created at the time he chooses to participate in negotiations floated by the buyer and shall be created on the quantity mentioned by the seller for which he wishes to take part in the negotiations.
    7. The obligation against the commitment fee can be completed through the following options which are displayed and can be chosen by the buyers and sellers on Tradologie.com at the relevant time these are
      1. Making payment to the ESCROW account through Online Payment Mode using Credit Card, Debit Card or Net Banking
      2. Making payment to the ESCROW account through Offline Payment Mode by sending RTGS/ NEFT to the account displayed on Tradologie.com at the relevant step, the same being mentioned below
        Account No. : 4011778910
        Bank : Kotak Mahindra bank
        Branch : Sector 63, Noida
        IFSC Code : kkbk0000180
      3. Issuing Standing Instructions in favour of our company through the option provided by the payment gateway (CC Avenues) to create lien in the account for the amount due.
      4. Blocking amount on the Credit/ Debit card through the use of the payment gateway attached with tradologie.com
    8. The buyer and sellers shall need to complete the obligation towards the commitment fee using one of the methods mentioned in 1.5.1 to be able to negotiate using Tradologie.com.
    9. Over and above the Commitment Fee, the buyers and seller shall have to bear a convenience fee, wherever applicable, for completing their obligations.
    10. The Commitment fee taken from the buyers and sellers shall be refunded, in full, to them in the following scenarios
      To Buyers
      1. The Buyer Chooses not to place any order to the suppliers chosen by them at the end of the negotiations.
      2. The buyer completes the payment obligations in the manner intimated by him at the time of setting up the enquiry within the notified time frame or as intimated by Tradologie.com
      To Sellers
      1. The Seller is not placed any order by the buyer after the negotiation.
    11. The refund of the commitment fee or the lien created in favour of Tradologie.com shall be done/ removed by Tradologie.com within 3 working days of the completion of the negotiation or the completion of payment obligation by the buyer. The same may take 4-15 working days to reflect in the accounts depending upon the respective banks.
    12. The Refund amount shall be intimated by email and on the dashboard of the buyers and sellers
    13. The Convenience Fee, if any, charged during the transaction shall not be refunded.
    14. The Commitment fee taken from the supplier shall be partially refunded to the seller after deducting the notified commission of tradologie.com when the supplier is able to successfully complete the delivery within the stipulated time frame to the satisfaction of the buyer within 3 working days of the completion of delivery.
    15. The commission of Tradologie.com shall be notified in the resources section under the heading commissions and are subject to change without prior notification.
    16. The rates prevalent at the time of creation of enquiry shall be applicable on the sellers
    17. The Refund amount shall be intimated by email and on the dashboard of the buyers and sellers.
    18. The Convenience Fee, if any, charged during the transaction shall not be refunded.
    19. The Commitment Fee shall be forfeited by the buyers and sellers in case of a default on their part in completing the following obligations
      To Buyers
      1. Not completing payment obligation to the seller through intimated mode.
      2. Not Completing payment Obligation to the seller within stipulated time period.
      3. Any other breach of terms and conditions notified on tradologie.com
      4. Unauthorized use of the tradologie.com platform
      5. Violation of any state or Central government norms directly affecting the trade on tradologie.com
      6. Notice/ Order/ Decree to withhold payment from any Statutory Body mandated to give such Notice/Order/Decree by the Government.
      To Sellers
      1. Failure to offer material for third party inspection to the agency notified by the buyer.
      2. Material being declared “not as per required specification” (or any other phrase meaning thereof) by the third party inspection agency appointed by the Buyer.
      3. Failure to offer material for inspection within the stipulated time frame notified on tradologie.com
      4. Failure to dispatch material to the designated address of the buyer within the stipulated period of time notified on Treadologie.com
      5. Discrepancy in the delivery documents which may lead to issues to the buyer as notified by the buyer.
      6. Any other breach of terms and conditions notified on tradologie.com
      7. Unauthorized use of the tradologie.com platform
      8. Violation of any state or Central government norms directly affecting the trade on tradologie.com
      9. Notice/ Order/ Decree to withhold payment from any Statutory Body mandated to give such Notice/Order/Decree by the Government.
    20. The forfeited commitment fee shall be utilized to the tune of 75% to compensate the counterparty involved in the trade and the balance 25% shall be kept with tradologie.com under trade safeguard fund.
    21. The payment of compensation against forfeiture shall made to the country party within 3 working days by tradologie.com and the same may take 4-15 days to reflect in the account depending of the bank.
  2. Payment using ESCROW account
    1. The scenario of Payment using ESCROW account shall become applicable if the buyer chooses the method of payment as ESCROW while floating the inquiry to various sellers.
    2. Upon the placement of order, the buyer shall need to deposit the complete transaction value of the trade (Rate Quoted by Supplier X Ordered Quantity) to the ESCROW account notified on Tradologie.com and as below through RTGS/ NEFT under intimation to Tradologie.com through the applicable webpages within the time period stipulated on Tradologies.com under the resources section.
    3. Once the material is delivered to the satisfaction of the buyer, Tradologie.com shall remit the payment of the material received by the buyer (Rate quoted by Seller X Quantity Received by buyer) to the seller and refund the excess, if any back to the buyer within 3 working days through acceptable present banking channels.
    4. Tradologie.com reserves the right to deduct notified charges/commissions, etc. from the payments due to the buyer and seller at the time of settling the account.