How to initiate
the Escrow Process

The transaction must be negotiated on The Broker Forum website with Escrow terms. Simply activate your Escrow settings and you are ready to send a Request for Quote ("RFQ") with Escrow terms. The Purchase Order ("P.O.") with Escrow terms must be sent and confirmed online in order for the transaction to begin within Escrow. A Broker Forum Customer Support Representative can assist you in sending or replying to the RFQ to ensure the necessary steps are taken towards a smooth transaction.

On the RFQ with Escrow Terms, you will find...

Pay Out Condition

The number of business days the Buyer has to inspect the goods once shipment is delivered to the Buyer's premises before The Broker Forum transfers the funds to the Vendor.

Stock Preparation time

The time delay in business days for the Vendor to prepare, ship the merchandise ordered online and provide a tracking number of the shipment once the Broker Forum has confirmed they have received the funds from the Buyer.

Carrier

The carrier both parties have agreed to use to ship the parts. The Broker Forum only accepts FedEx, UPS, DHL, TNT, SF Express, and EMS. Any other carrier is subject to approval. The airway bill number is required to track the shipment to its final destination.

Packaging

The type of packaging; Any, Box, Bulk, Reel, Tray, Tube.

Part Condition

The part condition: Any, New, Pulls and Refurbished.

Escrow Fee Sharing

The Broker Forum Escrow Account Service is now offering a sliding scale fee of 1.00% for all Escrow transactions up to 50K USD (the minimum charge being 125.00 USD), plus 0.5% for the balance over 50K USD. The fee can be paid by the Buyer, the Vendor, or split 50% - 50%.

Shipping Charge

A specified sum for the freight charge that the Vendor would like the Buyer to pay. This charge will be added to the Buyer charges.

Sales Tax

A specified sum for any applicable sales tax that the Vendor would like the Buyer to pay. This charge will be added to the Buyer charges.

Insurance

A specified sum for any applicable insurance fees that the Vendor would like the Buyer to pay. This charge will be added to the Buyer's charges.

Bank Fee

The Buyer will be responsible for the Broker Forum's incoming and outgoing wire charges. The Broker Forum will add any additional incoming bank charges to this amount if it is discovered that incoming wires for any respective member are usually short in funds.

Other charges

A specified sum for any other charges (ex. Bank charges) that the Vendor would like the Buyer to pay. This will be included to the Buyer's charges.

Specify other charges

Vendor must specify what is the other charge.

Return Condition

In the event of a rejection, the Buyer will be allowed a limited time, as per the agreement online, to return the parts once The Broker Forum Escrow Services and the Buyer have received the necessary RMA and return shipment details.

The online P.O. confirmed with Escrow Terms

Once the P.O. is confirmed online, the Escrow Services department will receive a system notification of an Escrow Service request. The Buyer and Vendor will be guided step-by-step through the whole process by email and/or telephone. Both parties will also have access to the Broker Forum Escrow Center online, which is an easy, interactive way to view and update transactions at their latest step, any time of day. The Buyer will be issued an automatic invoice via email and asked to send funds via wire transfer to The Broker Forum's Escrow Services bank account. The invoice will also be available online. Once funds are received in the full-expected amount, the Vendor will be notified to ship the parts to the Buyer and be asked to provide the tracking number of the shipment via email or through the Escrow Center.

The Broker Forum's Escrow Services department will track the shipment until its final destination. Upon delivery of the parts, the Buyer will have the pre-agreed upon specific number of business days to accept the parts. The Buyer must inform The Broker Forum Escrow Services if the parts are acceptable or if they are rejected Consequently, The Broker Forum will only release the funds to the Vendor after approval or the payout condition has expired without receiving prior written notice from one of the parties.

Inspection Period

In the event the Buyer has found a problem with the parts, the Buyer must notify The Broker Forum Escrow Services within the inspection period as specified online. The Broker Forum will hold the funds in trust until an agreement has been established between both parties (Buyer and Vendor). Funds will not be transferred until we have received written agreement from both parties.

Should the Buyer refuse the merchandise received, they will be asked to notify The Broker Forum Escrow Services and the Vendor of their decision by entering their rejection online through the Escrow Center or via email. The Vendor will be obligated to provide the return shipping information and the Buyer must arrange to return the shipment to the Vendor without further delay. The Buyer will be asked to provide The Broker Forum Escrow Services with the airway bill number for the return shipment. The Broker Forum Escrow Services will return the funds to the Buyer less applicable fees within 2 business days after the shipment is deemed returned on the chosen carrier website in order for the Vendor to verify the merchandise.

Please view the Escrow Services legal agreements found on the website for further details. In addition, you may refer to the Escrow help-online to begin your Escrow transaction.

For further information, you may refer to the Escrow help-online to begin your Escrow transaction or contact a Customer Support Representative at 450-449-8713.