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ESCROW SERVICE- TERMS AND CONDITIONS

Premises

BulkOil shall be offering an escrow service (in the following referred to as the SERVICE) under the following terms and conditions.

CLIENTS are registered users who carry out activities on the www.bulkoil.com website as buyers or purchasers of essential and non essential oils, edible and non edible oils, including biodiesel oils, broken down in row materials and product categories, in the following referred to as the GOODS).

In order to use the SERVICE, the CLIENT has to agree to the following terms and conditions thus undertaking to send all the necessary communications to the email address escrow@bulkoil.com.

BulkOil only acts in its capacity as escrow agent, in the following referred to as the AGENT, and intervenes only when purchasers and buyers have already come to an agreement on a transaction.

CLIENTS agree to accept the risks the SERVICE entails.


Cost of service and payments

The cost of the SERVICE depends on the transaction amount, i.e. the purchase price of the GOODS and on the inspection service required for the GOODS.

For any information concerning rates, please contact our commercial service under the e-mail address escrow@bulkoil.com.

AGENTS shall exclusively accept money payments in Euros or in USD.

Money delivery/receipt expenses are borne by the CLIENT sending or receiving the money.

The cost of the SERVICE may be borne by the seller, by the buyer or equally shared. Seller and buyer must agree upon who is going to pay for the SERVICE and shall inform the AGENT about this when they contact the agent to notify that an agreement was reached on the transaction terms.

Should the transaction not be completed for any given reason, the AGENT is entitled to receive an amount of € 200.00 Euros on the top of additional expenses borne by the agent as a penalty.

The cost of the SERVICE is borne by the buyer in the event of GOODS being returned to the seller, regardless of who has undertaken to pay for the SERVICE upon transaction agreement.

The sum paid to the AGENT may not be paid out by the AGENT, net of the SERVICE cost, if the transaction is carried out/completed in infringement of the present terms and conditions, subject to the AGENT's right to collect information and explanations from CLIENTS or from some of them.


Duties and performance of the parties

As of the point in time when the seller and the buyer come to an agreement on a transaction (on items such as price, quantity, delivery type and terms, delivery date, risk transfer for shipped GOODS, if necessary by using INCOTERMS 2000, transfer of the GOODS property and shipment methods, by resorting the AGENT's help, if needed), they shall jointly inform the AGENT about it and the buyers shall pay the AGENT within the following three working days.

The buyer may pay the AGENT with a money order, a banker's draft or a bank transfer, but at his/her cost and risk in any case.

The money paid by the buyer is paid by the AGENT into a non-interest-bearing current account.

When the AGENT receives the money, the AGENT shall send an operator to the site where the seller stated he/she holds the GOODS to perform one of the inspection types indicated in the following and to collect transport documents and the bill of entry.

The inspection service for goods (in the following referred to as INSPECTION) provides for four different solutions according to the inspection level agreed upon during the transaction.

The following options are available:

  • Basic supervision service of loaded goods. - This service is exclusively provided upon shipment of the GOODS; this service only includes a simple identification of the GOODS and a compliance check of such goods with the type of items indicated in the shipment documents provided by the seller and the number of products; a compliance check with the packing list, an integrity check of the packages ready to be sent and a check upon the closure of the shipment container are also carried out.
  • Inspection of loaded goods and GOODS sampling. - In addition to the checks set out under item 1, the pick-up and delivery of some samples of GOODS to a laboratory (where quantities are checked upon) are included.
  • Quantity inspection - In addition to the checks set out under item 1, this service also includes the inspection of GOODS quantity. The compliance between the GOODS shipped and the goods delivered is checked upon.
  • >Total coverage. - In addition to the checks set out under item 1, 2 and 3, the service includes the sealing of GOODS and of containers/tanks when they are shipped and the opening of seals upon delivery. This service ensures that every transport process step is checked upon.
  • When the AGENT receives the money from the buyer and all the INSPECTION activities have been carried out, the AGENT asks the seller to send the GOODS to the buyer.

    The seller must send the GOODS directly to the buyer's address.

    The buyer undertakes to provide complete and accurate information to the address to which GOODS should be sent to and must notify any change in his/her address.

    The buyer holds exclusive responsibility for any inaccurate information he/she should provide.

    The buyer shall also ensure that he/she or his/her operators are available to receive or collect the goods.

    If the GOODS are sent to the AGENT, the AGENT himself/herself shall return the goods to the seller, who shall have to pay for any transport costs.

    If the seller is not available for an inspection of the goods within 15 days from date upon which the AGENT received the money from the buyer, the AGENT is obliged to return the money to the buyer, net of the above-mentioned penalty.

    Except for the items subject to INSPECTION as agreed upon and unless otherwise decided during the transaction, the seller is responsible for the GOODS under the terms and conditions of INCONTERM 2000 EX-WORKS. If the GOODS have been ensured and have been partially or completely stolen or damaged, the buyer shall immediately inform the interested parties, i.e. the AGENT, the seller and the carrier. The insurance company shall contact the buyers directly to inform about the actions to be taken. In the event of theft and/or damage during the transport of shipment, the buyer must preserve the packaging material and the GOODS so that the insurance company can perform the necessary checks. However, the buyer is held responsible for any damage ensued after the receipt of goods.

    GOODS must always be shipped via a transport/shipment service that provides a reference number to be notified to the AGENT, so that the AGENT himself/herself can check upon the actual dispatch, shipment and delivery made by the carrier and/or the forwarding agent on the web site.

    If the INSPECTION service selected is “Basic supervision service of loaded goods”, the AGENT is authorised to pay the seller via a banker's draft or bank transfer when the seller delivers the GOODS to the carrier/forwarding agent. The delivery date shall correspond to the date indicated on the receipt stating that the carrier/forwarding agent has taken charge of the goods. The expenses deriving from the transfer of money to the seller are exclusively borne by the seller himself/herself.

    If the INSPECTION service selected is “Inspection of loaded goods and GOODS sampling”, the AGENT is authorised to pay via a banker's draft or bank transfer when the buyer receives the GOODS. The shipment date is the date indicated on the delivery document of the carrier and/or forwarding agent. The seller shall bear all money transfer expenses.

    If the INSPECTION service selected is “Quantity inspection” or “Total coverage”, when the buyer receives the GOODS (the shipment date is the date indicated on the delivery document of the carrier and/or forwarding agent), the AGENT shall send an operator to the site where the buyer received the GOODS to perform the inspection type selected.

    If the outcome of the selected INSPECTION type is positive, the AGENT is authorized to pay the seller via banker's draft or bank transfer. The expenses deriving from the transfer of money to the seller are exclusively borne by the seller himself/herself.

    If the outcome of the selected INSPECTION type is negative, the AGENT must inform the seller. Subject to the AGENT's right to get information and/ore carry out checks and unless otherwise agreed upon by the parties, the buyer is obliged to return the GOODS to the seller via a transport/shipment service that provides a reference number to be notified to the AGENT, so that the AGENT himself/herself can check upon the actual dispatch, shipment and delivery made by the carrier and/or the forwarding agent on the web site. The buyer is responsible for the GOODS under the terms and conditions of INCONTERM 2000 EX-WORKS.

    When the seller receives the GOODS (the shipment date is the date indicated on the delivery document of the carrier and/or forwarding agent), the AGENT is authorized to return the money paid by the buyers, net of the AGENT's commission.

    However, the AGENT may not be held responsible for any issue - except for the items selected for INSPECTION - after the transaction has been completed. The transaction is complete when the AGENT either pays the seller or gives the money back to the buyer.


    Sundries

    The AGENT shall not send copies of any documentation unless this is requested by CLIENTS, who shall have to pay the full cost of this additional service.

    The AGENT is not responsible for any of the information provided by and exchanged among CLIENTS.

    Except for the aspects subject to the type INSPECTION chosen, the AGENT is not responsible for direct, indirect, accidental, special or consequential damage due to the usage or the inability to use the SERVICE or for any additional costs or expenses deriving from the use of the SERVICE.

    The AGENT is not responsible for received messages or transactions entered via the SERVICE deriving from a non-authorised access or alteration of Client's communications or data including, but not limited to damage due to lost profit, usage, data or other intangible assets, even if the AGENT has been informed about such damage.

    The AGENT shall not be held accountable for any written or verbal agreement among CLIENTS he/she has not been informed about.

    In any case the AGENT's liability towards the CLIENTS may not exceed the amount paid by the CLIENTS for the SERVICE itself.

    CLIENTS are advised that the contents published in the SERVICE facilities may be protected by copyright, brands or other property or personal rights. CLIENTS agree that they may not sell the SERVICE to others or use the SERVICE to solicit business or to receive replies to such solicitations without prior consent of the AGENT. Clients agree that they shall not update, transfer, reproduce, distribute or take part in a transfer or sale for business purposes and that they shall not exploit any of contents they have access to via the SERVICE.CLIENTS undertake not to use the SERVICE to receive or send any type of postal items. CLIENTS undertake not to use the SERVICE to disclose any message without prior written consent of the AGENT.CLIENTS undertake not to falsify the communications delivered via the SERVICE.CLIENTS undertake not to allow third parties to send communications that falsify their account identity as origin of such communications.

    CLIENTS undertake to pay for all the sales, the service, the taxes on the goods and services they have purchased/sold via the service provided.

    The AGENT may at his/her own discretion terminate the SERVICE if the CLIENT behaves in a way that is not compliant with the contract or the SERVICE.

    The AGENT reserves himself/herself the right to discontinue the SERVICE by informing or not informing the CLIENTS or third parties if he/she decides to do so.

    Both CLIENTS and the AGENT may decide to discontinue the usage and access to the SERVICE and their account at any time with or without any reason.


    Disputes

    In the event of a dispute concerning the management, the performance, the interpretation or the termination of the SERVICE, the parties agree that the place of jurisdiction is the Court of Ancona.


    Referral

    For anything not explicitly stated and/or waived the Terms and Conditions of Use and the Privacy Rules,(herein entirely referred to and attached) shall apply.