On July 13th, The Broker Forum introduced a key change to its Escrow Agreement, allowing for counterfeit or suspected products to be taken out of the supply chain, rather than be considered defective and returned to the supplier.
Effective immediately, these changes answer a deepening concern expressed by The Broker Forum members and reflect The Broker Forum’s position regarding the handling the handling of counterfeited products.
Under the revised agreement, members are encouraged to return counterfeit or suspect parts to proper authorities for destruction and refund of the escrowed funds, once the destruction is confirmed.
This policy has been introduced to protect Buyers from purchasing counterfeit Parts, as well as protect intellectual property rights owners against infringement, and is designed to create a safer marketplace. This is in line with The Broker Forum’s key strategic objectives introduced in our Shenzhen, Munich and Sanya conferences. In the event that a Buyer, after issuing a Notice of Parts Rejection under article 4.3 alleging counterfeit, or suspected counterfeit Parts, returns such Parts to the Vendor, he does so at his own risks and against the advice of Broker Forum.
Please do not hesitate to contact your account manager should you wish to receive additional information regarding this change to the Escrow Agreement.
