In order to create a good community for users in Buyer Party, there are some rules every user must follow.
What manufacturers should know:
If the project is a success, Buyer Party will pay 10% deposit of total amount for products to manufacturers for starting mass production or pay them in L/C. Then, Buyer Party will pay 80% payment to manufacturers after shipment.
The rest 10% and security deposit will send to manufacturers account 2 months later if manufacturers do not receive complain and claim for compensation from buyers.
About security deposit
For each project, paying security deposit is recommend for increasing the possibility to finish the project. The security deposit returns after project is over.
What do manufacturers do if cancel the order?
It is advisable to submit security deposit for your project, which can increase buyers' trust. Security deposit can be returned when your project is over.
Before the final date of project, manufacturer must compensate USD500 for our buyers' loss if ceasing project or repudiation of the contract.
Reach the final date of project, manufacturer must compensate USD1000 for our buyers' loss if canceling the contract or repudiation of the contract.
Rule of Crowdfunding Projects Initiated By Buyers
After your project passing the verification, you need to place a same order quantity that you have to your project.
Its a way to
Showing the already have order quantity.
Making other buyers share the same price.
The first order that you place in your project is free from any fee in Buyerparty. Your first order is to let every buyer know your shared order information, include quantity and price.
The set MOQ for whole project should less than your order quantity that you have in hand; then other buyers can benefit from you shared order.
What buyers should know:
Buyers should pay 30% deposit after placing the order, and pay balance according the bill of lading or pay it before shipping.
We want to remind all buyers they are responsible for any local handling fees and intermediary bank handling fees when paying for the order or asking refund. Therefore, buyers should confirm total payment amounts with their local bank.
What do buyers do if buyer cancel the order?
If canceling the order before the crowdfunding is finished, buyers are responsible for the bank charges only.
If canceling the order or defaulting the contract within 5 days after project fulfilling, buyers should make an compensation of 15% total amount;
If canceling the order or defaulting the contract over 10 days after project fulfilling, buyers should make an compensation of 30% total amount;
These rules dont cover every possible use of Buyer Party, but they present our purpose and perspective.