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.