Trade manual

Execution of a deal from a Buyer’s Product Request

The process is initiated by the buyer who places a product request on the platform. ‘Sellers’ of goods in the specified product category will then be alerted via email and via the platform about the specific request so they can bid for the deal. All ‘Sellers’ can ‘bid’ as many times as needed for the same product request. This might happen where they are a trader who is able to fulfil the product request with products from different sources that have different prices or terms for delivery.

The trading process shows the identities of both counterparties by default, but in certain circumstances it can be anonymous – i.e. the identities of both the ‘Buyer’ and ‘Sellers’ are not revealed until the point in time when a deal is reached between a ‘Buyer’ and a ‘Seller’. All parties involved in the trading process will be able to view the Kemiex rating.

Uncer certain conditions, the Seller will be able to see information about credit insurance: whether credit insurance cover is available during the bidding process, see the price of the insurance (when applicable), and also possibility to confirm that they wish to purchase the cover.

Execution of a deal from a Seller’s Spot Offer

The process is initiated by the seller who places a spot offer on the platform. All Spot Offers are placed “subject to final confirmation” in order to ensure availability if buyers show interest. Buyers have the ability to ask the seller for a price update providing the exact terms required. Thereafter, the seller provides a firm quote and the buyer can close the deal, if he accepts this quote.

In both situations, once a deal is executed (i.e. a Buyer selects a Seller’s quote) a Confirmation of Transaction and – if applicable – a Confirmation of Credit Insurance will be generated by the platform. The trade will be carried out between buyer and seller as per the terms agreed on the platform.

The Buyer will be sent an email (based on the estimated date of delivery) and asked to rate the behavior of the Seller with regards to delivery and quality of goods. The Seller will be sent an email (based on the estimated due date for payment) and asked to confirm whether payment has been received and rate the behavior of the buyer with regards to payment.