Standard Operating Procedure (SOP)

The main contact person for our company should file the application form in full. The application should list the basic data of the buyer and all persons entitled to commission (buyers mandate).

A first Zoom or Skype call is organized between SourceWeb Medical, the buyer and buyer’s lawyer. In this call we do a Light-KYC and clarify the needs and requirements of the buyer and discuss the next steps of the purchase process.

Full client details are documented, and the parties sign a NCNDA to mutually protect the interests.

The buyer sends a signed letter of intent (LOI) and a letter of attestation (LOA) signed by his lawyer to us. The buyer can use our drafts for both documents. The LOI and LOA are needed to temporary reserve or fix the stock or production capacity for this purchase.

SourceWeb searches for available stocks and/or production capacities for the product the buyer wants to acquire. To achieve this, we will use our global partner network that includes a large number of manufacturers, resellers and distributors of medical products and protective equipment.

After SourceWeb successfully found a stock or production capacities that meet the buyer’s conditions, the buyer will without unnecessary delay send a proof of funds to SourceWeb. The kind of proof of funds the buyer has to provide differs from case to case and will be discussed already at the first call.

A usual proof of funds is BCL, SWIFT MT199, bank officer to bank officer communication or a reliable certificate from a lawyer (usually from the escrow lawyer who has personally seen the funds).

Within 3 business days of the POF the buyer will receive lot and batch numbers to verify the authenticity of the goods directly at the manufacturer. Depending on the kind of product and the requirements of the buyer also a proof of life (SGS, TÜV pre-shipment-inspection, …) can be sent to the buyer.

SourceWeb will send full corporate offer (FCO) and sales and purchase agreement (SPA) drafts to the buyer. Upon successful verification of the goods and the drafts, buyer signs back FCO and SPA sent by seller.

Depending on the payment method agreed, the buyer will now fund the escrow account, open the letter of credit or make the TT payment. In the case of escrow funding the parties will sign first an escrow contract with the escrow lawyer.

Seller provides the buyer with full shipping schedule. Other documents, especially cargo and shipping documents (Airway Bill or Bill of Landing) are sent to the buyer as soon as they are available and in accordance with the agreed deadlines.

The delivery is coordinated and processed in accordance with the contract. The buyer will be informed by SourceWeb of each step. After delivery the buyer can do goods inspection, SGS analysis or similar checks.

After the optional checks of the goods by the buyer if there are no complaints, but latest after 3 business days after delivery, the letter of credit is paid out or the funds on the escrow account are transferred to us. At the same time the buyer gets the ownership of the goods (transfer of title).

Now the purchase contract is concluded and we look forward to doing more business with your company.