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  • Contract Signing

    After signing the purchase contract and application of the Escrow Service, both parties need to submit these 2 files to the Escrow Service Centre.

  • Payment

    Buyer pays the remittance to the Escrow Service Centre as stipulated in contract.

  • Shipments

    Supplier prepares and delivers goods as stipulated in contract.

  • Receiving

    After buyer’s checking cargos, both parties sigh the application of the payment releasing and submit files to the Escrow Service Centre.

  • Release the Payments

    LookChem pay the remittance to the specified account of the supplier.

What is Escrow Service?

Escrow service establishes a secure online trading environment. LookChem.com protects Buyer and Seller by acting as a trusted third-party during the transaction and managing the payment process from beginning to end. Simply stated, Buyer receives and inspects goods before Seller is paid. On the other hand, Seller verifies payment is secured before shipment.

General Questions

  • What is Escrow Service?

    A lot of times, Buyers and Sellers are complete strangers. When these two parties don't know each other, they may want to turn to a third party to mediate their transaction to prevent any kind of fraud from taking place. Escrow acts as a third-party they can trust to make sure their transaction is simple and secure. As a result, Escrow gives the Buyer and Seller confidence that their transaction will be carried out fairly and successfully. Protection for both Buyer and Seller: How Buyers are protected: LookChem.com Escrow tracks and verifies delivery of the shipped merchandise. The Seller won't get paid until the Buyer accepts the merchandise, or the agreed upon inspection period expires. How Sellers are protected: LookChem.com Escrow verifies delivery of merchandise to the Buyer. The Seller is notified to ship after LookChem.com Escrow verifies good funds.

  • Why should I use Escrow Service?

    Typically, we recommend members to use our service when the Buyer and Seller are unknown to each other, for purchases made on business-to-business e-commerce sites, and online merchants.

  • What are the steps to use Escrow service?

    Step 1: Buyer and Seller Agree to Terms Either the Buyer or Seller signs in and creates a transaction. The information in the Escrow Order form include: Contact details of both parties Length of inspection period A test organization accepted by both when dispute appears. (such as SGS,etc.) Delivery options Party responsible for paying the escrow fee and shipping costs Purchase order details and Pro-Forma Invoice The initiating party confirms the information entered, and agrees to the escrow instructions. The other party is notified by e-mail or fax, to sign in and agree to the terms of the transaction provided by the initiating party. After both parties have agreed to the terms, the Buyer will be asked to submit payment to LookChem.com Escrow. Step 2: Buyer Pays to LookChem.com Escrow Escrow Service is free, and the total transaction and plus T/T related fees should be paid by buyer or supplier after discussed. Step 3: Seller Ships Merchandise to Buyer The Seller ships the merchandise to the Buyer using an approved delivery service. After the Seller has shipped the merchandise, they must notify LookChem.com Escrow and provide the tracking information. The inspection period will not begin until we confirm delivery of the merchandise. Step 4: Buyer Inspects the Merchandise When the Buyer receives the merchandise, the inspection period begins and the Buyer must inspect within this period and decide whether to accept the goods. Step 5: LookChem.com Escrow Pays the Seller If the Buyer accepts the merchandise, LookChem.com Escrow will disburse the funds to Seller via wire transfer. Payment is sent to the Seller with escrow fees and shipping costs deducted, if applicable.

  • Do I have to be a member of LookChem.com?

    No, neither of the parties involved is required to be a member, however it is highly recommended that you register as a free Trial Member. To learn more about our membership, please click: http://www.lookchem.com/about/service.htm . We ensure that your information will never be released for marketing or any other purposes without your authorization.

  • How long does the escrow process take?

    It depends upon three factors: 1. the inspection period agreed upon by both parties; 2. method of shipment; 3. the length of making payment. Generally, most escrow purchases can take from 7 to 14 days.

  • Will it be safe using Escrow?

    All information provided are kept in strict confidential. Along with providing members with safe and secure ways to conduct online transactions, we are fully committed to protecting our members' privacy and personal information.

  • How does Escrow protects you against fraud?

    It takes several steps to protect both the Buyer and Seller against fraud: 1) ensure all payments are made by the Buyer before the Seller is instructed to ship, 2) all shipments are tracked to ensure the Seller shipped and the Buyer received the goods, and 3) if the goods received is fraudulent, it gives the Buyer the chance to return the merchandise before payment is released to the Seller.

  • Does our service favor either Buyer or Seller?

    No. The service is a neutral, third party intermediary that assures a secure transaction process for both buyers and sellers.

  • Which countries do Escrow service support?

    We basically support transactions from all over the world.

  • How much does it cost to use Escrow?

    Escrow Service is free if the seller is a senior member (such as silver, gold, platinum) in LookChem.com. If the seller is a free member, the fee of Escrow Service is 100USD which is a minimal amount (when the payment of the goods is less than 10000USD). And the fee of Escrow Service is 1% of the payment of the goods when the payment of the goods is more than 10000USD. And the total transaction and plus T/T related fees should be paid by Buyer or Supplier after discussed.

  • How do I know if Seller accepts payment thru Escrow?

    We highly recommend Buyer or Seller to use Escrow service when conducting transaction over Internet. You could find the Seller accepts Escrow payment with a yellow dollar sign icon on the right column in the Buyer/ Match offer page.

  • Who should pay for the Escrow fee?

    Before the transaction, the Buyer and Seller should negotiate who will pay the escrow fees. Either the Buyer pay the fees, the Seller pays, or the Buyer and Seller each pay half of the escrow fee. In the event of a rejection of the merchandise or cancellation of the transaction, the Buyer and Seller should check a box in the order form where indicating who is responsible for return shipping fees. The escrow fee and any original shipping fees will be taken out of the original payment made to us.

  • Are there any other charges for Escrow Payment?

    There is no additional Escrow fee in the whole transaction process. If there is fee that takes place in the transaction such as traffic expense, it must pay by Buyer or Seller according to negotiation.

  • What is the verification of "good funds" or "secured funds"?

    In order to ensure payment, LookChem.com Escrow waits until the money is deposited into our trust account, which is then considered "good funds." It gives Buyers and Sellers an extra level of security.

  • How do Sellers get paid?

    LookChem.com Escrow releases funds to the Seller once the inspection period has passed without the Buyer requesting cancellation of the transaction and upon LookChem.com Escrow verification of the transaction information. The inspection period is agreed to by both the Buyer and the Seller and commences once the Buyer has received the items.

  • How long does it take for Sellers to get paid?

    When the Buyer accepts the merchandise, the Seller will be paid. LookChem.com Escrow will disburse the funds to Seller via wire transfer. Sellers are always recommended to use a shipping company with online tracking to ensure quick release of funds at the close of the transaction.

  • How quickly is the payment processed?

    It depends upon your financial institution; some require a few days before they can wire funds. We process wire transfers each business day.

  • As a buyer, what happens to my money when I send it to Escrow?

    The fund we received remain in our secured escrow non-interest bearing trust account until the transaction concludes.

  • How does Escrow protect against fraud?

    It takes several steps to protect both the Buyer and Seller against fraud: 1) Ensure all payments are made by the Buyer before the Seller is instructed to ship, 2) All shipments are tracked to ensure the Seller shipped and the Buyer received the goods, and 3) If the goods received is fraudulent, it gives the Buyer the chance to return the merchandise before payment is released to the Seller.

  • Will LookChem.com Escrow convert my local currency to USD?

    LookChem.com Escrow does not convert money between currencies. All escrow transactions are processed in the United States Dollar currency. Please contact your local banks for exchange rates and other costs associated with this conversion.

  • Who will pay for currency conversion rates?

    LookChem.com supports transactions in US Dollars. Once the transaction is started it will continue in the same currency throughout the entire transaction. The buyer accepts all responsibility regarding gains or losses due to currency conversion rates while the funds are held in our trust account.

  • How can I know my status?

    Buyer or Seller can check the status through Internet. LookChem.com Escrow will also update Buyer and Seller the process to ensure each step has been followed strictly.

  • What is an inspection period, when does it start, and how long does it last?

    The inspection period is the amount of time agreed to by both parties in which the Buyer may examine the items. The inspection period begins when LookChem.com Escrow confirms the shipment has been received, and the Buyer must accept or reject the goods within this period. Buyers and Sellers should make sure the inspection period provides adequate time for any authentication and/or appraisal process that may be necessary to complete the transaction. The LookChem.com Escrow suggested inspection period is 10 working days. When the Buyer rejects the items, the Seller has 7 days to examine the merchandise after it is returned.

  • What if I require more inspection days than previously agreed on?

    HKI must have the Seller’s written approval if you need to prolong the inspection period.

  • What if the Buyer is dissatisfied with the items?

    The Buyer has the inspection period (a length of time agreed to by both parties) to approve the items. If dissatisfied, the Buyer must return the items to the Seller. Once the Seller has received the items and confirmed that they are in satisfactory condition, LookChem.com will release the funds back to the Buyer.

  • What if the Buyer does not pay?

    If the Buyer has not made the payment in time, the Seller has the right to cancel the order and the Buyer is responsible for the Escrow fee.

  • What if the Seller does not ship the item?

    If the Seller cannot ship the goods, the Buyer has the right to cancel the order and the Seller is responsible for the Escrow fee. The fund will not be released to the Seller until the Buyer has received and approved the items.

  • When do I ship the goods?

    Ship the order only after you have received clear instructions and confirmation from HKI Escrow. Sometimes the Buyer may not have paid in full and gives you a payment confirmation. HKI will first ensure full payment has been made by the Buyer before asking you to ship the parts.

  • How should I ship the goods?

    Before shipment, ensure the following is in order: a. the parts are in working condition and packaged securely b. the goods are packed as per purchase order c. packing list d. test reports if any, and leave a copy for your own reference To avoid dispute, use a courier company that has online shipment tracking. We recommend UPS, Fedex, DHL, and TNT.

  • What if goods are damaged during shipping?

    In the event of receiving damaged merchandise, the receiver (buyer or seller) should inform LookChem.com, who will continue to hold the funds until both parties come up with a solution.

  • What if the Seller did not ship the items?

    Your funds will not be released to the Seller until you have received and approved the items you are purchasing. All shipping and handling costs will be occurred by the Seller. The Buyer has the right to recover any loss or damage from the Seller.

  • Who should pay the shipping cost?

    Before signing the agreement of terms, the Buyer and Seller should agree who's paying for shipping. In the event the goods are received by the buyer and rejected, Buyer or Seller should indicate who is paying for return shipping fee.

  • Should I insure the shipment?

    All shipments, domestic and international, recommend to be insured for the item's full value. Failure to insure the item for its full value means assumption of liability in the event the merchandise is damaged or lost.

  • Does Escrow keep goods or drop shipment for Buyer and Seller?

    We would act as a third party for buyer and seller to transact in a more secure way over internet. LookChem.com Escrow would not keep goods or drop shipment for Buyer or Seller.

  • How long does the Buyer have to inspect the items?

    The Buyer and Seller should specify the inspection period in the Agreement. If the inspection period has expired and HKI Escrow confirmed the buyer received the item, we assumed that the Buyer has approved the merchandise.

  • How does the Buyer decline or reject items sent by the Seller?

    The Buyer is responsible for returning shipment to the seller using a trackable shipping method. The Buyer's refund is processed only after the Seller confirms receipt of the returned items in the same condition it was sent.

  • How does the Buyer decline some of the items sent by the Seller?

    The Buyer has to contact the seller and us directly if he is accepting partial of the items received. We will then send notification to both parties. If the Buyer returned the declined items to Seller and the Seller accepts partial returned items. We will send partial payment to the Buyer and Seller accordingly.

  • What if the Buyer rejects the items?

    The Buyer has the inspection period (a length of time agreed to by both parties) to approve the items. If dissatisfied, the Buyer must return the items to the Seller. Once the Seller has received the items and confirmed that they are in satisfactory condition, HKI Escrow will release the funds back to the Buyer. In any case, on return, the Buyer or the Seller is fully or partial responsible for fees including escrow fees, return shipping fees, and original shipping fee according to the agreement. The escrow fee and any original shipping fees will be taken out of the original payment made to HKI Escrow.

  • How are buyers refunded?

    In the event of a cancelled transaction or a partial refund to the Buyer, funds less escrow fee will be returned using the same method as the Buyer paid. The escrow fee is non-refundable.

  • What are the tips for using Escrow?

    Click here to find out more: www.lookchem.com/Escrowservice/list_en.aspx.

  • Are services offered through Escrow safe?

    Definitely. You and your transaction are protected every step of the process.

  • Will LookChem.com Escrow release my email address or any private information to other companies?

    We will never release your information to any person or organization. Read our privacy policy for more information.

Contacts:(86)-571-87562563


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