Escrow Standard Operating Procedure (SOP)
- Application Form
The main contact person for our company should file the application form in full. The application should list the basic data of the buyer and all persons entitled to commission (buyers mandate).
- First call
A first Zoom or Skype call is organized between SourceWeb Medical, the buyer and buyer’s lawyer. In this call we do a Light-KYC and clarify the needs and requirements of the buyer and discuss the next steps of the purchase process.
- Full KYC and NCNDA
Full client details are documented, and the parties sign a NCNDA to mutually protect the interests.
- Purchase agreement and fund of escrow
SourceWeb and the buyer conclude a purchase agreement, where the buyer gives us the order to search for the goods matching his terms and conditions. Afterwards the buyer funds our escrow account.
- Search of stocks or production capacities
SourceWeb searches for available stocks and/or production capacities for the product the buyer wants to acquire. To achieve this, we will use our global partner network that includes a large number of manufacturers, resellers and distributors of medical products and protective equipment.
In the very unlikely event that SourceWeb is unable to acquire the goods under the terms and conditions agreed, the amount will be repaid without any deductions after the deadline.
- Lot and batch numbers, proof of life
After SourceWeb founds a suitable stock the buyer will be informed and will receive lot and batch numbers to verify the authenticity of the goods and a proof of life.
- Final SPA
SourceWeb and the buyer will conclude the final sales and purchase agreement.
- Shipping schedule, cargo documents
SourceWeb provides the buyer with the full shipping schedule. Other documents, especially cargo and shipping documents (Airway Bill or Bill of Landing) are sent to the buyer as soon as they are available and in accordance with the agreed deadlines.
The delivery is coordinated and processed in accordance with the contract. The buyer will be informed by SourceWeb of each step. After delivery the buyer can do goods inspection, SGS analysis or similar checks.
- Release of the escrow and transfer of title
After the optional checks of the goods by the buyer if there are no complaints, but latest after 3 business days after delivery, the funds on the escrow account are transferred to us. At the same time the buyer gets the ownership of the goods (transfer of title).
Now the purchase contract is concluded and we look forward to doing more business with your company.