The approval process for completed trades
This important final stage in the trading process begins when trade negotiations are completed successfully. All completed trades enter the Clearing & Settlement process, by a compliance division within VINEX.
To ensure VINEX delivers a valued and consistently reliable service, all trades are checked for compliance against the Trading Rules of the marketplace so that each trade can be executed unconditionally to the complete satisfaction of both parties.
On the immediate completion of a trade, being an irrevocable commitment entered into by both parties, VINEX reviews the trade for compliance with the Trading Rules of the marketplace. There is also a review of the agreed terms and validation of both parties. Any irregularities or concerns are raised directly with the parties, by VINEX Support.
Following approval, the details are released for the agreement documentation to be generated. The documentation is first delivered to the seller for review, acceptance of the payment terms and signing. Then, the signed agreement is forwarded to the buyer for their final review, acceptance and signing.
All completed trades are subject to two important conditions to protect both parties. These conditions need to be fulfilled before a Sale & Purchase Agreement can be executed.
Buyer: Completed trades are conditional on acceptance of a final sample and technical specification declaration prior to the distribution of the contract. Depending on the wine traded, this condition may be waived in part or full at the discretion of the buyer.
Seller: Completed trades are conditional on the seller’s acceptance of the payment terms negotiated during the trading process. This condition applies for 7 days from the time the seller receives the completed trade details.
The Clearing and Settlement process is usually completed within 7 – 21 days and is most influenced by the length of time it takes for the supplier to despatch a final sample and technical specification, to receive an acceptance.
The status of a completed trade throughout this process is updated and displayed on each member's account Dashboard.
Sale & Purchase Agreement
Completion of the Clearing and Settlement process ensures that trades are accepted and ready to be executed by both you and the other party, unconditionally. VINEX facilitates this process.
The Agreement is a legally binding document between the two identified parties. In addition to it covering the agreed trade details, the contract specifies a number of legally binding clauses to which the buyer and seller must agree. These are standard sales contract clauses including, but not limited to; legal jurisdiction, mediation and force majeure.
A contract can only be altered or dissolved with the written consent of both parties.
Complaints & Resolutions
VINEX aims for excellence in all areas of the Marketplace and supporting fulfillments operations. To ensure this high standard is maintained we invite any member with a concern or complaint to contact us immediately.
Complaints must be received in writing, preferably by email to firstname.lastname@example.org
If requested, VINEX will provide an independent and impartial mediation service to provide advice to members and assist in resolving a dispute between you and the seller.
- Final Sample Approval Mediation: If requested by either the buyer or seller to a completed trade, VINEX through its VINAppraisal service will act independently to evaluate and compare a pre-completed wine sample to that offered as a final sample, and make a reasonable attempt to mediate an acceptable outcome to both parties.
- Product Receival Approval Mediation: If requested by you, VINEX through its VINAppraisal service will act independently to evaluate and compare a sample of the received wine with that of the final approved sample and make a reasonable attempt to mediate an acceptable outcome to both parties.
Of course, VINEX also invites members to provide positive feedback, along with suggestions on improvements at email@example.com