Membership & Trading

Q: How are transactions conducted on the Exchange?
A: Transactions on the Exchange follow the sequence given below:
• Listing - A member lists the products / services that he has to offer for sale or that make up his requirements.
• Authorization - When another member agrees to the terms of the offer for sale/requirement, the Application software generates an authorization number for the transaction after making sure that the buyer has sufficient in his account to pay for the transaction. An amount of Trade Credit equivalent to the amount of the transaction is   transferred from the buyer's account to an escrow account.
• Settlement - After the Exchange receives proof of receipt of goods / services from the buyer is transferred from the escrow account to the seller's account.

Q: How do members know that a sell offer is priced reasonably?
A: If members think the asking price is unfair, they can negotiate with the seller (in case of open offers). If they think a product or service isn't being offered at a fair price, they don't have to buy it. There are other sellers to choose from on the Exchange.

Q: Does the Exchange ensure the quality of the items offered on trade?
A: All authorized transactions are between Members who agree to fairly represent the condition and quality of their good and services. Any misrepresentation by members can be brought up for arbitration by the Exchange, as provided for in the Exchange By-laws.

Q: Who sets the terms for delivery of products transacted on the Exchange?
A: It is the seller's responsibility to arrange delivery, and see that the item reaches the buyer in a safe, secure, timely manner. Though it is the seller's responsibility to arrange for delivery, the buyer and seller can work out other specific shipping arrangements that meet both their needs.

Q: How can a buyer be sure he will receive the item he has bought on the Exchange?
A: When businesses become Exchange members, they agree to abide by the Trading Rules. These rules include treating other members fairly, honestly, and respectfully. If a member has a problem with another member, he can refer the matter to Exchange for mediation and arbitration. The Exchange will do everything possible to see that the dispute is resolved quickly and fairly.

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