I (the Buyer) want to cancel my Trading Deal. Which requirements need to be met?

Updated July 08, 2024 22:40

Pamela Pinto

According to ourxChange Trading Payment Handling Terms and Conditions:

For Pick-Up Deals the payout will be transferred to the seller 7 (seven) days after the provision of the release to the document trading deal.
For Gate-Buy Deals the payment will be transferred to the seller 7 (seven) days after the drop-off date of the last container.

This means a cancellation can only be requested by either the buyer or the seller within the 7 days that follow the provision of the release document.

*Important note: if both partners agree to the cancellation after 7 days, a request for cancellation can be processed. However, no one-sided cancellations are possible anymore.

I'm still within the 7 days after the release was provided, can I request a cancellation?

According to the xChange Standard Sales Contract, sub-clause 8:

b) The Buyer may cancel the Transaction fully or partially if The Seller does not fulfill one or multiple of his Main Obligations.

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What are the main obligations of the Seller?

If the Seller does not meet the Main Obligations as described below, this will automatically allow the Buyer's cancellation request and result in the cancellation fee to be paid by the Seller:

i) Providing the Equipment in the Conditions and Specifications agreed upon in the Negotiated Sale Terms. The process of how cancellations under this Main Obligation are handled is outlined in detail in the xChange Claims Terms and Conditions.

ii) Providing a Release Document within 48 (forty-eight) hours from the moment of payment and allowing The Buyer to pick up the Equipment after a pick-up notice according to Section 6)b).

iii) For Gate-Buy Deals (In case the Equipment is delivered to The Buyer): delivery of the Equipment to The Buyer’s designated depot latest 14 (fourteen) days after the end of the Delivery Period that has been agreed upon in the Negotiated Sale Terms.

*Important note: point iii) means the seller should align with the buyer and set clear expectations regarding the containers' delivery date before the deal is accepted. Otherwise, if the seller fails to deliver within the agreed time the buyer can request a cancelation.