FTNX

Last post/update/from: October 1, 2019




END BUYER BUYING  GOODS FROM FTNX

Products listed on our ‘Product Boards’ are defined as quotes.An end buyer wanting an offer for a product already listed on our quotation board, must download the supporting quote  found in the FTNX library if available, or make a copy of the quote found on the board via the FTNX website. The quote is fill in with the required details, it is signed and returned to FTNX as a PDF. A quote once submitted is not legally binding. The quote once accepted by the FTNX will cause the issuance of a formal  offer within 3 days. The offer once advised to the end buyer has a 30 days transactional period where the deal is completed with the signing of the contract. No business can commence until a signed quote is first advised. An offer once signed and returned by FTNX is legally binding.

The transactional  basis and routine  is as follows ;

  • Quote, Offer, Contract, DLC, Delivery, Collection, Next Delivery 


SOURCING PRODUCTS FOR AN END BUYER

When an  end buyer  needs a certain product that is not  listed on our boards, it may ask FTNX to source such goods from its suppliers, or it may rescind the request. If sourcing takes place, a quote will be advised within ten days  to commence proceedings in a guided  manner with directives and advice being served to the end buyer so as to ensure they remain informed about the transaction. The end buyer sends an email to FTNX  stating all relevant details about the  product needed to be sourced.The email header carries the term RFQ (Request For a Quote) if this service is sought. 


BUYING FROM A SUPPLIER 

The supplier in possession of goods being offered to the FTNX  must submit an AOS (Assurance of Supply) an offer or a good quote at ICC FOB or FCA Incoterms as per current edition (ICC Incoterms 2020 is due in 2020.) Full specifications must also be included. Once the offer is made, FTNX will ask a few questions or reject the offer out right and serve an Offer to Procure or ‘MOU’ for the supplier to consider further as a counter offer.This aspect ensures the supplier is fully aware of our procedures. Once supply is assured and secured for our purchase consideration, the supplier will not hear from the FTNX until we are ready to make the purchase. Supply must be valid for 3 months or more. 6 months is ideal. When FTNX is ready to make the purchase an Offer to Procure (OTP) will be advised. The issuance of the  OTP, or return of a signed offer by the FTNX will signal the start of a live deal. Guidance and expert advice will be served to the supplier to ensure they remain informed at all times. The supplier offering a base price  for a revolving  monthly supply of goods, must also serve a single shipment price at ICC FOB or FCA  incoterms  in case a trial shipment is needed before actual revolving deliveries may commence. Offers form others trading entities are not considered. Only offers for a disclosed suppliers in possession of   goods and the property in them  as owners are considered. 


 




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