Clearing & Settlement
This important final stage in the trading process begins when trade negotiations are completed successfully. It is managed by a compliance division within VINEX in collaboration with the parties to the trade.
To ensure VINEX delivers a valued and consistently reliable service, all trades are checked for compliance against the Trading Rules of the Exchange so that each trade can be executed unconditionally to the satisfaction of both parties.
On the immediate completion of each trade an irrevocable commitment is generated. The details are forwarded to Clearing to ensure compliance with the Trading Rules of the Exchange. There is also a review of the agreed terms and validation of the parties. Any irregularities or concerns are raised directly with the parties by VINEX Support.
Following internal approval, the details are released to the Settlement team. Completed trades are subject to several important buyer and seller conditions to protect both parties. These conditions need to be fulfilled before a final Sale & Purchase Agreement can be executed.
- Buyer: Completed trades are conditional on acceptance of a final sample and specification declaration prior to the distribution of the contract. Depending on the product traded, this condition may be waived in part or full at the discretion of the buyer.
- Seller: Completed trades are conditional on the seller’s acceptance of the payment terms negotiated during the trading process. This condition applies for up to 10 days from the time the seller receives the completed trade details. Only after this acceptance is the contract signed and delivered to the buyer for counter-signing.
The Clearing and Settlement process is usually completed within 5 – 14 days and is most influenced by the length of time it takes for the supplier to despatch a final sample and receive an acceptance. The status of a completed trade throughout this process is updated and displayed on your Dashboard.
Sale & Purchase Agreement
Completion of the Clearing and Settlement process ensures that trades are accepted and ready to be executed by both you and the other party, unconditionally. VINEX facilitates this process, and is not a party to any completed trade.
The Agreement is a legally binding document between the two identified parties. In addition to it covering the agreed trade details, the contract specifies a number of legally binding clauses to which the buyer and seller must agree. These are standard sales contract clauses including, but not limited to; legal jurisdiction, mediation and force majeure.
A contract can only be altered or dissolved with the written consent of both parties.
Complaints & Resolutions
VINEX aims for excellence in all areas of the Exchange and supporting operations. To ensure this high standard is maintained we invite any member with a concern or complaint to contact us immediately.
Complaints must be received in writing, preferably by email to VINEX Complaints & Resolutions.
If requested, VINEX will provide an independent and impartial mediation service to provide advice to members and assist in resolving a dispute between you and the seller.
- Final Sample Approval Mediation: If requested by either the buyer or seller to a completed trade, VINEX through its VINAppraisal service will act independently to evaluate and compare a pre-completed wine sample to that offered as a final sample, and make a reasonable attempt to mediate an acceptable outcome to both parties.
- Product Receival Approval Mediation: If requested by you, VINEX through its VINAppraisal service will act independently to evaluate and compare a sample of the received wine with that of the final approved sample and make a reasonable attempt to mediate an acceptable outcome to both parties.
Of course, VINEX also invites members to provide positive feedback and compliments, along with ideas and suggestions on improvements.
Please contact us at VINEX Feedback & Ideas.