How does eraiESCROW work? Once both the Buyer and the Seller agree to use eraiESCROW, we will ask you for a copy of the Purchase Order and a copy of the Proforma Invoice. These documents can be faxed to 239-261-9379 or sent via email to eraiescrow@erai.com. It is important for the Buyer and the Seller to have the terms and conditions of the sale clearly documented on the PO and the PI. If there is a discrepancy between these documents, we will work with both parties to clarify the agreement. Once we have the necessary information from the PO and the PI, we create the eraiESCROW agreement, a legally binding document. Both the Buyer and the Seller then closely review the contract in its entirety, including the terms and conditions written to protect all parties involved. After reviewing the escrow agreement, the Buyer and the Seller sign the contract and fax it back to our office. We will take it from there. Once we have the signed contract from both parties, we will instruct the Buyer to wire payment to the eraiESCROW bank account. As soon as we receive confirmation from our bank that the funds have been received, we will instruct the Seller (in writing) to ship the goods directly to the Buyer. We will require that the Seller immediately provide us with the tracking number, which we will use to track the shipment daily. Once the product is delivered to the Buyer, they will be given the opportunity to inspect the shipment during the agreed upon inspection period. During this time, the Buyer can decide if they will accept or reject the goods. Please go to FAQ (Frequently Asked Questions) page for more information on the inspection period.) If the Buyer accepts the shipment, they will be asked to sign a contract called the eraiESCROW Receiving Report. This document gives eraiESCROW authorization to release payment to the Seller. If the Buyer rejects the shipment, they will be required to sign the eraiESCROW Rejection Report and return the parts to the Seller. eraiESCROW will hold the funds until the return shipment is received and accepted by the Seller. This fast, easy process will give you peace of mind and will eliminate the vast majority of the risks both Buyers and Sellers face. |
