Given most transactions fall apart at the initial stages of negotiation where there is no trust and confidence, outlined below is a sample of what a buyer or seller can elicit from each other when using the Chartmore Escrow system prior to entering into a contract. This ensures the genuineness of both parties before further expenditure, time and reputation is wasted.
Information available for a Buyer
Under the terms of the Escrow PVP contract no further information will be revealed to any other 3rd party including brokers, mandates or buyers unless the Escrow PVP contract states. The standard information an Escrow agent / lawyer is authorised to reveal only regarding the seller are the following details:-
Seller Verification Details
(i) Product
(ii) Quantity
(iii) Allocation is valid from date and to date
(iv) Origin
(v) Sellers have been verified
(A) Buyer telephone and emails will be responded to by the Chartmore Escrow Agent / lawyer only if previously introduced and registered by an authorised Chartmore mandate by email, or if the seller or the buyer is already a Chartmore client. Protocol will be strictly adhered to.
Information available for a Seller
Under the terms of the Escrow PVP contract the buyers blocked
POF will be requested bank to bank by SWIFT (bank approved
txt will be provided) into the Escrow PVP system. This will
be sent directly to a Major European Bank by SWIFT. Bank
account coordinates will be issued under the terms of the
buyers
Escrow PVP contract,
the Escrow Agent/ lawyer is authorised only to reveal information
to the seller and/or authorised mandate such as :-
Buyer Verification Details
(i) Amount - USD / Euros / Sterling
(ii) Cash / financial instrument
(iii) Name of Bank
(iv) Blocked Funds / POF validity dates
(B) Strict protocol will remain for the seller as well as for the buyer in that telephone calls and emails will be responded to by the Chartmore Agent / lawyer only if previously introduced by an authourised Chartmore mandate or if the seller or the buyer is already a Chartmore client.
(C) The authourised introductory mandate / seller / buyer will initiate communication between Chartmore and themselves outlining the process. This will be distributed to all relevant and appropriate parties such as the bank, lawyer and mandates.
