Hello from Sedo,
Upon entering a bid for a domain, the buyer is informed of the following:
"Please note that your bid is a contract. If the seller accepts your offer, you will be entering into a legally binding contract to purchase this domain."
This is repeated in the Bidding Conditions:
"Once you and seller of the domain name agree upon a price and confirm the bid\sale you enter into a legally binding contract".
The Online Contract upon agreement also stipulates:
"The Buyer is also obligated to transfer the full asking price to the Sedo GmbH escrow account, immediately upon receipt of the invoice".
As you can see, we fully inform the buyer of his obligations at all stages of the bidding and sales process.
However, if a buyer refuses to pay, ie. adhere to the contract, Sedo takes the following steps:
- we remind the buyer that payment should follow within 5 working days upon receipt of the invoice
- if payment has not been received (please note that bank transfers can take up to 14 working days if initiated from certain geographical regions for example, Asia) Sedo again reminds the buyer of his obligations and warns him of the possible consequences of breach of contract
- Sedo formally warns the buyer of the implications of breach of contract.
- Sedo will supply the seller with the buyer's data upon request
- Sedo will assist the seller in any way possible should the seller decide to pursue legal action
- Sedo can explain the legal options to the seller and offer some impartial suggestions, however Sedo is not in a position to offer legal advice nor are we attorneys of law.
- Sedo will of course, provide any information necessary to the seller's attorney in the event of a legal proceeding against the buyer.
Breaches of contract are quite rare and while some transactions take more time than others, such delays are often due to factors other than a desire on the buyer's part to cancel a transaction.
We take every possible precaution to ensure a low break-off rate and our transfer agents can be contacted with any queries you may have regarding individual transfers.
Kind Regards,
Nora Cotter
Key Account Manager
_______________________________________________
SEDO.COM :: Buy and Sell Domain Names and Websites
tel +49 (221)-420-758-287 :: fax +49 (212)-202-3951
email:
[email protected] :: url:
www.sedo.com
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