eraiECROW

Obviously, we cannot facilitate an escrow agreement unless both parties are willing to use the eraiESCROW. If your customer / supplier does not want to use eraiESCROW, you should ask them why they are refusing to use the service.

If they simply do not know who eraiESCROW is, we will be happy to provide your customer / supplier with our references. eraiESCROW has successfully completed millions of dollars in transactions over the last several years. We have excellent references and are more than willing to share them with our customers. eraiESCROW can and will provide any potential escrow customer with more than enough information so they should not have any reservations or concerns in relation to the legitimacy or reliability of our service.

If this does not satisfy your potential customer / supplier, ask them if they would be willing to use another escrow service. If they do agree to use another service, you should check with ERAI to see if we have reported this company. This can sometimes be the reason companies shy away from eraiESCROW. We may know something YOU need to know.

We tell our members that if your customer / supplier simply refuses to use any available escrow service, this should be regarded as a "Red Flag". A company who will not consider payment options other than TT (wire transfer in advance) is reason for concern, especially if that supplier is not willing to consider your company's positive trade references, or those of eraiESCROW. We cannot think of one good reason to avoid a platform, such as eraiESCROW, that can provide both the Buyer and the Seller with protection during the transaction.

Unfortunately, a visual inspection will not reveal if a component will or will not function. One might assume that if the parts look new, they should function as such. In reality, we all know components that are in perfect physical condition, do in fact, sometimes fail electrically. Buyers and Sellers alike can add another layer of protection to their transaction, if they agree to have the parts tested while funds are held securely in the escrow account. If you are interested in having parts tested when using eraiESCROW, please call us to discuss your options. We can customize your escrow contract in a way that suits both the Buyer and Seller, while ensuring the goods are in good working condition before your funds are released.

Often times, a Buyer wants their end user (customer) to inspect the product before funds are released to the Seller. Unfortunately, eraiESCROW cannot allow the Buyer to send parts to a third party without the written consent of the Seller. If the Seller agrees to allow the product to be shipped to a third party, a formal addendum is added to the original eraiESCROW contract, which must be signed by both the Buyer and the Seller before the goods can be released to the third party.

The Buyer and Seller should, as in all transactions, make the necessary arrangements to insure the shipment prior to contacting eraiESCROW. eraiESCROW is not liable for lost, stolen or damaged shipments. The Buyer and the Seller, need to make insurance arrangements and this information should be clearly stated on the Purchase Order and / or the Proforma Invoice.

The Seller is responsible for paying the shipping charges on rejected shipments. If the shipment is rejected, the Seller is required to provide eraiESCROW with an RMA number and a valid shipping account number.

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.

• The Buyer and Seller agree to use eraiESCROW.
• The Buyer and Seller provide eraiESCROW with a copy of the Purchase Order & Proforma Invoice.
• eraiESCROW prepares the contract.
• The Buyer and Seller sign the contract and fax it back to eraiESCROW.
• The Buyer wires eraiESCROW the payment.
• eraiESCROW instructs the Seller to ship.
• The Seller provides eraiESCROW with the tracking number.
• eraiESCROW tracks the shipment until the goods are received by the Buyer.
• eraiESCROW enforces the inspection period, making certain the Buyer either accepts or rejects the material in the agreed upon period.
• Funds are either released to the Seller or goods are returned and a refund is issued to the Buyer.