This document is about Legal Terms and Conditions for Trade Foresight™ that defines the legal relationship under terms and conditions between its owners, registered users and between registered users.
This document is explained in two Parts;
Part 1: Terms and Conditions &
Part 1: Terms and Conditions
Part 1: Terms and conditions are explained under;
- Business Identity Management
- Transactional Disputes and
Chapter 1 – Business Identity Management
This chapter covers the following areas related to Business Identity Management.
Section1: Acceptance of Terms
Section 2: Scope of Service
Section 3: Verification by Contacts
Section 4: Change, Suspension and Termination of Service
Section 5: Governance of Disputes related to Business Identity Service
Section 1. Acceptance of Terms
Article 1: This Agreement applies to registered users of Trade Foresight™ (www.tradeforesight.com) (the “Users”). All rules and terms and conditions applicable to Trade Foresight™ shall also apply to the Business Identity Service. Users who join Trade Foresight™ and use Trade Foresight™ services shall be regarded as having read, fully understood and accepted the terms and conditions of this Agreement.
Article 2: If a user wishes to activate the Business Identity Service voluntarily, he/she shall accept the terms of this Agreement and complete the Business Identity application process according to the instructions set out in the introductory page. If a user clicks to agree to the terms of this Agreement during the application process, he/she will be regarded as having entered into an agreement with the operating entity of Trade Foresight™ and fully accepted all the terms set out herein.
Article 3: This Agreement may be updated by Trade Foresight™ without any prior notice to you. The updated version will take effect upon publication on Trade Foresight™. Users should read this Agreement carefully and comply with the relevant applicable terms before using the Business Identity Service. If a user disagrees with this Agreement and/or any amendments thereto, he/she may notify Trade Foresight™ to cancel the Business Identity Service. Once a user has started using the Business Identity Service, he/she will be regarded as having fully understood and accepted each item of this Agreement and become a member of Business Identity Service (a “Member”).
Section 2: Scope of Service
Article 1: A Member shall be entitled to enjoy the Business Identity Service for a period of one year upon successful application.
Article 2: Trade Foresight™ will run a search based on the activities or information of the user available on Trade Foresight™. If there is a match, the user will automatically obtain the status as an Identity Verified Buyer or an Activity Verified Buyer. No consent from the user will be required. If the user refuses to participate in the Business Identity Service, he/she may notify Trade Foresight™ service team to cancel such service.
Article 3: Members will be able to see their verification status in My Profile.
Article 4: The verification status of a member is shown in the supplier’s inquiry interface. Trade Foresight™ may at any time display the verification status in other interfaces without notice to the members. There are three categories of verification status:
- Clause 1: Identity Verified Buyer – These are buyers that have had their company name, company address, company registration number, contact person and their job title checked and confirmed by Trade Foresight™ or a third-party verification agency against the relevant government records or other third-party databases within the past one year. These buyers might have conducted a certain amount of activities on the Trade Foresight™ platform in the past, including, but not limited to: the posting Requests for Quotations (RFQs), placing purchase orders online, requesting product inspections from sellers etc. This is based on the records of the Trade Foresight™ platform.
- Clause 2: Activity Verified Buyer – These are buyers that have conducted a certain amount of activities on the Trade Foresight™ platform, including but not limited to posting Requests for Quotations (RFQs), placing purchase orders, requesting product inspections from sellers, or buyers that have been endorsed as proper buyers by the qualified business partners and/or suppliers who are registered members of the Trade Foresight™ platform based on those buyers’ activities on the Trade Foresight™ platform. The analysis is based on the records of the Trade Foresight™ platform but have not yet had their identity checked and confirmed by anyone.
- Clause 3: Unclear Buyer – These are buyers that have not had any of their information checked or confirmed by anyone.
Section 3: Verification by Contacts
Article 1: Members and Gold Suppliers may be invited to verify the identity of a buyer (as
“Verifier”). Members and Gold Suppliers shall confirm the identity of the buyer based on the
Article 2: A buyer can apply for verification by contacts and obtain the status as an Activity
Verified Buyer if he/she obtains endorsement from 3 qualified Verifiers. A Verifier must be
an Identity Verified Buyer, an Activity Verified Buyer or a Gold Supplier for two years.
Article 3: A Verifier can only confirm the business identity of 20 buyers in each month.
Article 4: If a Verifier is found that to have made confirmations without basis, he/she will
lose the qualification to be invited as a Verifier permanently and Trade Foresight™ will
record such fraudulent behavior. It may affect the rights of the Verifier in the future. Trade Foresight™ reserves the right of final interpretation.
Section 4: Change, Suspension or Termination of Service
Article 1: The Business Identity Service may be terminated due to the following reasons:
- Clause 1: Misconduct of a Member on Trade Foresight™ – Any member (registered user) proven to be sending junk inquiries, making inquiries on banned products, fraudulent acts, phishing and sending voluminous ads.
- Clause 2: Non-payment of subscription/failure of extension – Any member (registered user) fail to extend his/her subscription upon its expiry.
- Clause 3: Verification Process not completed – Any member who fails to activate his/her verification process before expiry of his/her subscription.
Article 2: Notification will be sent to a member if his/her verification status is changed. If
there is no notification, the verification status shown on Trade Foresight™ shall be
Section 5: Governance of Disputes related to Business Identity Service
This Agreement shall be governed by the laws of Pakistan. Any dispute in connection with the Business Identity Service shall be subject to the exclusive jurisdiction of Pakistan courts.
Chapter 2 – Transactional Disputes
Section 1: Overview
Article 1: These Rules are formulated in accordance with relevant provisions of the Trade Foresight™ International Platform’s General Provisions, Trade Foresight™ Transaction Services Agreement, and the Trade Assurance Services Rules to protect the rights and interests of Buyer & Seller with respect to online transactions on Trade Foresight™.
Article 2: When a dispute arises between Buyer & Seller after they have conducted an online sale and purchase of products transaction through the Trade Foresight™, and if either party submits their disputes to Trade Foresight™, the following Rules will apply;
- Clause 1: If Buyer & Seller otherwise agree upon the rules for handling the
transaction disputes, Trade Foresight™ has the right to decide whether rules will be
applied, except the rule(s) that contradicts the rules on Trade Foresight™.
- Clause 2: Notices related to disputes sent by Trade Foresight™ to the Buyer and/or the Seller through the Trade Foresight™ system, official communication tools, email, telephone, etc. constitute the basis for deciding the disputes.
Section 2: Definitions
Article 1: Trade Foresight™ International Platform refers to the website
www.tradeforesight.com and mobile Apps.
Article 2: Online Transaction is as defined in the Trade Foresight™ Transaction Services
Article 3: Purchase Contract: refers to the agreement between Buyer & Seller with respect
to the purchase of products and/or services on Trade Foresight™.
Article 4: Quality Problems means the material, craftsmanship, and/or quality of the products delivered by the Seller fails to meet the provisions of the Purchase Contract, or there is damage, functional failure, missing parts or other issues that may prevent their normal use.
Article 5: Inconsistent Description means that the product name, brand, model, color, specification, quantity, material, style, function, and/or other information with respect to the products delivered by the Seller are inconsistent with the descriptions on the products detail page, the provisions of Purchase Contract, or the communication records between the Seller and Buyer.
Article 6: Infringement means the products delivered by the Seller infringe upon the
intellectual property rights of third parties.
Article 7: Customs Detention means the products are attached, confiscated, destroyed, or detained by the customs of the importing country due to reasons such as violation of restrictions imposed by the importing country, no customs clearance, declaration errors, products infringement and contraband control or any other provision under which customs of the importing country deem fit for Customs Detention.
Article 8: Return of Products and Refund means Seller refunds the purchase price in whole
to the Buyer after the Seller signs for receipt of the products returned by the Buyer.
Article 9: Partial Refund means the Seller refunds a portion of the purchase price to the
Buyer after the Buyer signs for receipt of the products delivered by the Seller.
Article 10: Refund means the Seller refunds the purchase price to the Buyer in whole and
the Seller negotiates with the Buyer to determine whether to return the products.
Article 11: Date of Shipment as defined in the Trade Assurance Services Rules.
Article 12: Force Majeure means circumstance or event that is unforeseeable, unavoidable, or insurmountable for Buyer & Seller when they enter into a contract, including but not limited to natural disasters (e.g. typhoons, heavy rain, hail, earthquakes, tsunamis, floods, volcanic eruptions, landslides), anomalies (e.g. wars, armed conflicts, riots, uprising, fires, explosions, toxic spills, serious outbreaks), and government actions (e.g. regulation and control, expropriation, requisition).
Section 3: Acceptance
Article 1: Application for dispute resolution shall be made within the time limit prescribed by Trade Foresight™, which cannot exceed 30 calendar days after the Date of Confirmed Receipt of the Products. If order is closed by Trade Foresight™, application shall be made within thirty days of receipt of the notice that the order has been closed. If there are special provisions, such provisions shall prevail.
Article 2: Trade Foresight™ has the right to extend the time limit or not to set a time limit for accepting application for dispute resolution if, in Trade Foresight™ reasonable opinion, there is a dispute involving suspected fraud (including but not limited to false shipment, serious quality deficiencies, a large quantity of inconsistent products, and other obvious malicious non-compliance or evasion of debts) or any other circumstances that Trade Foresight™ considers necessary.
Article 3: Trade Foresight™ has the right to refuse to accept the following applications, and
Seller & Buyer should resolve the dispute by themselves:
- Clause 1: An application for dispute resolution was not filed within the time limit
- Clause 2: The Seller and the Buyer have reached a settlement agreement and the performance thereof has been completed, but either or both of the parties has/have changed their minds, thereby resulting in a dispute
- Clause 3: Buyer & Seller collude in bad faith and use the Trade Foresight™ to conduct false transactions or commit other illegal acts
- Clause 4: After a Refund is processed, the Seller needs to retrieve the products, thereby resulting in a dispute
- Clause 5: Either party claims for compensation that exceeds the amount of the transaction (including purchase price, inspection fees, shipping and bank charges), unless otherwise specified
- Clause 6: Applications that Trade Foresight™ is unable to accept based on the evidence provided by both parties
- Clause 7: Disputes not related to the Online Transaction (including, without limitation, the products violates the product posting rules of Trade ForesightTM and defamation by either the Seller or the Buyer)
- Clause 8: Where these Rules have special provisions about other circumstances that will not be accepted, such provisions shall prevail
Section 4: General Rules
Article 1: Buyer & Seller shall provide evidence for their respective claim or defense no later than three working days after making application for dispute resolution or receiving the notice of dispute resolution from Trade Foresight™, and shall undertake that the evidence provided is authentic, complete, relevant and legitimate. Trade Foresight™ has the right to obtain evidence on its own or from a third party as it deems necessary and determine the liability of the parties and the disputes based on applicable legal provisions and/or and international trade practices.
Article 2: If either party submits false, altered, or forged evidence, or fails to submit evidence that meets relevant requirements within the time limit set by Trade Foresight™, Trade Foresight™ has the right to terminate the dispute resolution process or make a decision based on the evidence available.
Article 3: The correspondences between Buyer & Seller via the Trade Foresight™ official chat tool will serve as basis for dispute resolution, and correspondence between the parties through other means of communication (including but not limited to offline written contracts, telephone calls, e-mails, and third-party instant chat tools) will not be basis for the dispute resolution, unless both Buyer and Seller agree that such correspondence are authentic and valid.
Article 4: Where correspondences between Buyer and Seller or the offline contract between the Seller and the Buyer contradict the terms in the Purchase Contract, unless otherwise agreed between the Seller and the Buyer, the terms agreed more recently shall prevail.
Article 5: Where Buyer & Seller agree on liquidated damages or compensation in the Purchase Contract or during the course of their communication, if either party claims for liquidated damages or compensation for actual losses after the other party defaults, Trade Foresight™ will support such claim. If such liquidated damages or compensation clause contradicts the rules of the Trade Foresight™, the clause which provides for a higher damage shall prevail.
Section 5: Shipment
Article 1: The Seller shall fulfill the obligation of shipping products in accordance with the shipment date, shipment method, and delivery information as stipulated in the Purchase Contract, and provide corresponding documents or certificates according to the Purchase Contract.
Article 2: Where the Seller fails to ship the products within the agreed shipment time, the Seller shall obtain consent from the Buyer before shipping the products. Buyer & Seller may reschedule the shipment date as agreed. If the Seller has not shipped the products at the time of receipt of the Refund application, the Seller shall liaise and negotiate with the Buyer, and arrange for shipment again upon mutual agreement, or ask Trade Trade Foresight™ for a resolution.
Article 3: If the products are not delivered or the Buyer rejects the products, the purchase price shall be refunded. If the Seller needs to retrieve the products, it shall contact the carrier by itself to handle the return, and all the resulting expenses and risk of the products shall be borne by the Seller.
Article 4: In the event that the Seller ships the products in violation of the agreed shipment date and method, and that the Buyer applies for a Refund and/or return of products on the grounds of Seller’s breach of Rules after the Buyer has signed or taken initiative to confirm receipt of products, the Buyer shall reach an agreement with the Seller. Otherwise, Trade Foresight™ shall not support such Refund or Returning of Products and Refund applications, except where the Seller takes improper measures to induce the Buyer to confirm receipt of products.
Article 5: Where the products are not delivered due to errors in the delivery information provided by the Buyer, the Seller shall use commercially reasonable efforts to cooperate with the Buyer to modify the delivery information or provide necessary assistance, and the additional costs so incurred shall be borne by the Buyer. If the Seller fails to ship the products on the agreed shipment date or the products cannot be delivered on the agreed date for the reasons attributable to the Buyer. Trade Foresight™ shall not support Buyer’s claim against the Seller for late shipment or delivery.
Article 6: Where Buyer & Seller do not expressly agree on the documents or certificates required by customs clearance for import of products, the Seller shall remind the Buyer to specify such required documents or certificates in the contract, otherwise the loss arising from failure to clear the products with customs due to the non-provision of such required documents or certificates shall be borne by the Seller, and if said documents or certificates are still not expressly stipulated after the Seller reminds the Buyer, then the outcome of such risk shall be borne by the Buyer.
Article 7: Where the Seller fails to ship the products on the agreed date of shipment or the products cannot be delivered on the agreed date due to an event of force majeure, and the Parties fail to agree on the continuous performance of the contract, the purchase price shall be refunded.
Article 8: If the Seller ships the products via courier/delivery service as agreed with the Buyer, and the products have not been properly delivered within sixty days after the shipment, the purchase price shall be refunded to the Buyer, and the Seller shall contact the logistics company on its own to retrieve the products