Procedures
The halmark of Global Leads Trading Krewe is our procedures. We do not ask for any shopable documents from the buyer. But our procedures allow us to prove the authenticity and capability of the buyer, with just three documents that do not obligate the buyer nor can those documents be shopped.
These procedures have proven to be both fair and conclusive. Real buyers have no problem issuing these documents, while brokers and flippers are completely unable to issue them. As a result, these procedures are NOT negotiable.
The required documents are as follows:
- The Buyer's official Company Profile.
This is a document that every large company keeps on file and offers to prospective business associates and the media, as a way of introduction.
- A non-commital Letter of Intent (LOI), on the Buyer's letterhead.
This LOI should express an interest in discussing the purchase of quantity and quality of product, for delivery to Port. The LOI must be signed by a person with authority to obligate the company for an amount of money equal to the expected purchase price.
This document serves to identify the product and port of delivery (we will not deal with embargoed nations). This document also identifies the responsible party within the company, to whom the seller will be speaking.
- A Letter from the Buyer's bank, ADDRESSED TO THE BUYER (the company official who signed the LOI), on bank letterhead, confirming to that person, the financial capability of his company to undertake a purchase such as that described in the LOI.
It is important that this Bank Letter be:- addressed to the individual who signed the LOI
- contain the phrase, "as per your request"
- be signed by a senior bank officer.
This Bank Letter confirms to us and to the Seller that, not only does the bank officer believe that the company has the capability to make such a purchase, but that the banker further believes that the named copmany official has authority over that bank account, since he addressed the bank letter to that company official and used the phrase, "as per your request". A banker would not send such a letter to someone who does not have authority over the account.
As you can see, none of these documents contain an obligation of any kind, for the Buyer. They therefore cannot be shopped. But they clearly confirm that the person our seller will be dealing with is a financially responsible officer for a real buyer.
Once these documents are received in good order, our banker will confirm with the Buyer's banker that he signed the bank letter. As soon as our banker reports that confirmation back to us, we will introduce the Buyer and Seller and step out of the picture, till the buyer and seller complete the deal. The Buyer and Seller may negotiate further procedures, at that time. But any such negotiations will be only between the principles and, as such, not subject to being derailed by an over-zealous broker or intermediary.
We have found that real buyers have no problem providing any of the above documents, but brokers and flippers will make endless excuses to never provide them.
Treat these procedures as if they were carved in stone. Without all three of those documents, the deal is dead, before it starts. If your Buyers won't provide the above documents, then we cannot introduce our your Buyer to our Seller. We have no problem dealing with brokers and flippers and they will be paid. But we will not allow a greedy broker to foul a deal, simply because he has an inflated opinion of his importance, nor will we waste time with brokers, who don't know their place. Our sellers deal with us because they have come to expect that we will provide them with direct contact only to qualified buyers.
Once the above three documents have been vetted, the Buyer and Seller will be introduced. At that point, ALL middle-men are out of the picture, till the deal is done. The seller will notify us of the completion of the deal and all parties will be paid. You should also receive similar notification from your buyer. If you don't trust your buyer to do this, then you shouldn't be dealing with him and we, therefore, don't want to deal with anyone that you don't trust.
One last point. We don't chase deals. When the buyer and seller are real, the deal will happen effortlessly… always. The above three documents make it even more effortless. Regardless of how great a deal sounds, if we don't have those three documents in hand, we just move on.