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.

Escrow 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.

SourceWeb and the buyer conclude a purchase agreement, where the buyer gives us the order to search for the goods matching his terms and conditions. Afterwards the buyer funds our escrow account.

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.

In the very unlikely event that SourceWeb is unable to acquire the goods under the terms and conditions agreed, the amount will be repaid without any deductions after the deadline.

After SourceWeb founds a suitable stock the buyer will be informed and will receive lot and batch numbers to verify the authenticity of the goods and a proof of life.

SourceWeb and the buyer will conclude the final sales and purchase agreement.

SourceWeb provides the buyer with the 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 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.

1. 1. The contact person to SourceWeb Medical must submit the application form in full.
      It shall list the basic data of the buyer (Light-KYC) and all persons entitled to commission.
   2. SourceWeb Medical checks the feasibility and coordinates this with the contact person if adjustments/requests are required.
   3. The contact person shall clarify the adjustments/questions with the buyer side if necessary.
   4. Invitation for a pre call is organized:
      Participants: SourceWeb Medical & Buyer, Buyer's Lawyer.
      First getting to know the participants.
      Clarification and explanation of the necessary processes and their process, pre-due diligence.
   5. Full KYC of the buyer is documented & NCNDA between buyer and SourceWeb Medical is completed.
   6. The following documents must be submitted by the buyer:
      - Current LOI according to source SourceWeb Medical (www.loi-draft.medical.sourceweb.com).
      - Current bank proof (e.g. BCL, according to source SourceWeb Medical).
      - LOA (Letter of Attestation), attesting to the buyer that you want to work with SourceWeb Medical as a reseller.
      Please note: All letters must have the same date.
      

      A BCL is a letter confirming that a credit line is secured by a financial institution. It is confirmed that a person or company may dispose of the capital listed in the letter for a predetermined time and purpose. A BCL can be used in a variety of situations or transactions. Its main purpose is to prove to another party that the capital is available for the proposed transaction.Also known as Bank Comfort Letter and Bank Capability Letter.

   7. After successful verification of the documents, SourceWeb Medical determines and reserves the final inventory and thus also fixes the price.
   8. Purchase agreement (SPA) is created, discussed and subscribed.
      All necessary documents and documents (e.g. SGS, POL, POP, etc.) are exchanged between SourceWeb Medical and the buyer.
   9. Facts and customer data are presented to the trust attorney (assignment of special conditions, Escrow Due Diligence), in parallel the client receives the data of the trust attorney.
   10. Customer and/or the Customer's lawyer contact SourceWeb Medical Fiduciary lawyer on:
       - Meeting & signing of the Escrow contract.
       - Presentation of all required documents by the customer.
       - Replenishment of the escrow account according to SPA.
   11. The delivery is coordinated and processed in accordance with the contract.
       The buyer will be informed of each step in writing.
   12. Delivery of the goods in accordance with the contract. Handing over the goods to the buyer.
       If necessary, further SGS analysis is optional upon arrival of the goods.
   13. Release of Escrow/Payment.
   
   The goal has been achieved and we look forward to further successful settlements with you.
   
   
   Important notes:
   
   A letter of credit or LC (Letter of Credit) is also possible if necessary.
   
   ESCROW:
   
   Processing via an Escrow provides maximum security for the customer (buyer protection):
   
   
   • Maximum flexibility.
   • Protection against attachment (funds are held by the Bank as special funds).
   • No negative interest rate.
   • Optimum price/performance ratio through the terms negotiated by SourceWeb Medical (the customer will continue to be available regardless of a business relationship with SourceWeb Medical).
   • The costs are covered by The SourceWeb Medical after successful completion.
   
   The Escrow accounts in Germany are safer and more comfortable to open compared to other countries, but also faster. German escrow accounts have a higher level of acceptance and are therefore preferred. This payment method has proved to be the fastest and most secure for international trade over the years.
   
   Needless to say, our Escrow account experts are available at any time and are looking forward to be at your service.
   
   Documents:
   
   For all the documents to be signed, they should initially be printed, signed with blue pen, stamped and scanned (at least 200 dpi). Documents then should be sent via an authorized email account of the customer or their lawyer directly to the legal department of SourceWeb Medical.
   
   Yours sincerely,
   Your SourceWeb Medical Team
   
   
   
   PDF Document

1. 1. Contact must submit a fully completed 3M application – Customer 3M Request Form - to SourceWeb Medical.
      The application shall list the basic data of the buyer (Light-KYC) and all persons entitled to commission.
   2. SourceWeb Medical carries out feasibility checks, and coordinates with contact in case adjustments or modifications are necessary.
   3. Contact may clarify the adjustments and queries with the buyer.
   4. Invitation for a pre-call will send:
      Participants: SourceWeb Medical & Buyer, Buyer's Lawyer.
      First, know the buyer and SourceWeb Medical, clarify and explain our necessary procedures and their process, pre-due diligence.
   5. Facts and customer data are presented to the trust attorney (assignment of special conditions, Due Diligence Escrow), similarly, the client obtains fact sheet and data of the trust attorney.
   6. Buyer will submit the following to SourceWeb Medical:
       -  Current LOI according to SourceWeb Medical template www.loi-draft.medical.sourceweb.com.
      - Full data and coordinates of Buyer‘s attorney.
   7. Customer's lawyer should make direct and independent contact with SourceWeb Escrow Lawyer in relation to:
      - Meeting & signing off the Escrow Contract.
      - Placing the required funds on the Escrow Account according to the LOI details.
   8. SourceWeb Medical determines the final inventory and price according to LOI and secures goods, or reserves for the customer according to their specification.
   9. Purchase agreement (SPA) is created, discussed and drawn up. All necessary documents (SGS, POL, etc.) are exchanged between SourceWeb Medical and buyer.
   10. Delivery is coordinated and processed in accordance with the contract.
       The buyer will be fully informed of all steps in writing.
   11. Contractual delivery of goods. Handing over the goods to the buyer.
       Further SGS analysis may be optional upon arrival of the goods.
   12. Release of escrow/payment.
   
   The goal has been achieved and we look forward to further successful settlements with you.
   
   
   Important notes:
   ESCROW:
   
   Processing via an Escrow provides maximum security for the customer (buyer protection); especially if the customer actively handles the contract and maintains direct contact with the managing lawyer, as here.
   
   With the necessary funds on the Escrow, all prerequisites are met to secure and reserve the goods. This offers maximum flexibility in the choice of the market, especially in terms of prices and delivery times. At the same time, there is no risk of losing the preferred stock again (timeout in a later setup and replenishment of the Escrow account and the due diligence required for this). In addition, there is maximum discretion, as sensitive data such as the origin of funds, financial statements, etc. are only discussed and exchanged with the managing lawyer.
   
   Other benefits:
   
   
   • Maximum flexibility.
   • Protection against attachment (funds are held by the Bank as special funds).
   • No negative interest rate.
   • Optimum price/performance ratio through the terms negotiated by SourceWeb Medical (the customer will continue to be available regardless of a business relationship with SourceWeb Medical).
   • The costs are covered by The SourceWeb Medical after successful completion.
   
   Escrow accounts in Germany are safer and more comfortable to open compared to other countries, but also faster. German escrow accounts have a higher level of acceptance and are therefore preferred. This payment method has proved to be the fastest and most secure for international trade over the years.
   
   Needless to say, our Escrow account experts are available at any time and are looking forward to be at your service.
   
   Documents:
   
   For all the documents to be signed, they should initially be printed, signed with blue pen, stamped and scanned (at least 200 dpi). Documents then should be sent via an authorized email account of the customer or their lawyer directly to the legal department of SourceWeb Medical.
   
   Yours sincerely,
   Your SourceWeb Medical Team
   
   
   
   PDF Document