The basis we trade on.

Who you are contracting with

AfrexMarket is operated by Afrexpay (Pty) Ltd, a South African registered company with its head office in Midrand, Gauteng.

[CLIENT FILLS: registered company number and registered office address]

What AfrexMarket does

AfrexMarket records buyer requirements, sources and verifies suppliers, constructs and issues quotations, creates and administers orders, raises the associated payment instruction into the Afrexpay environment, and coordinates transport, clearing and delivery.

Depending on the transaction, AfrexMarket may act as an introducer between a buyer and a supplier, or may contract as principal on a managed procurement. Which of the two applies is stated on your quotation before you accept it.

Quotations

A quotation states the price, the currency, the applied exchange rate where one is used, what is and is not included, and a validity period. A quotation that has expired is not binding.

Where a cost changes before acceptance, a new version is issued and the previous version is retained. An accepted quotation is not amended without a new version being created.

Orders

Acceptance of a valid quotation creates an order with its own reference, linked to the quotation version accepted. Changes after order creation are versioned and recorded rather than overwritten.

Payment

Payment associated with an order is initiated through the Afrexpay payment environment against the payment reference held on the order. An order is treated as paid on financial confirmation from that environment, and not because an order status has been changed by hand.

Where the underlying payment, settlement or foreign-exchange activity requires regulated infrastructure, it is carried out through appropriately authorised financial institutions and partners.

Verification and its limits

Verification assesses capacity, compliance and delivery on the information available at the time and on the supplier's AfrexMarket order history. It is a working risk record, not a guarantee of performance and not a warranty of the goods.

A verification status may be raised, lowered, suspended or withdrawn as circumstances change.

Goods, transport and clearing

AfrexMarket does not manufacture the goods, does not own transport and is not a licensed clearing agent. Transporters and clearing agents are appointed partners. AfrexMarket answers for the coordination between the parties to a transaction it has constructed.

Documentation

Each party is responsible for providing accurate documentation for its side of a transaction. Where a consignment is delayed, rejected or penalised because documentation supplied to us was inaccurate or incomplete, the party that supplied it is responsible for the consequences.

Disputes

A dispute is recorded against the order it concerns, with the complainant, the reason, the amount affected, the evidence, the responsible officer, the communications and the resolution. Where a dispute results in a reversal or refund, the dispute record and the financial transaction remain linked.

Common categories are non-delivery, delayed delivery, incorrect quantity, incorrect specification, damaged goods, supplier cancellation, buyer cancellation, payment dispute and documentation failure.

The trade floor

A post on the trade floor shows the goods, the quantity, the direction of travel and the timing. It does not show the company behind it, its people or its contact details. Those are held by AfrexMarket and passed to a counterparty only on an introduction that both sides have agreed to.

Only confirmed posts are eligible for public display, every post carries a closing date, and a post is removed from the floor when it expires, is filled or is withdrawn. Where illustrative posts are shown while the market opens, they are marked as samples on the face of the board.

Information obtained from the floor or from an introduction may be used for the transaction it was disclosed for and for nothing else. Collecting, copying or redistributing posts or counterparty details is a breach of these terms.

Your information

Submitting a requirement, a supply record or an introduction request requires you to accept the privacy notice on the form. We hold what you give us in order to work the request, verify the parties, construct the transaction and meet our record-keeping obligations.

[CLIENT FILLS: the period for which submission and transaction records are retained, and the basis for that period]

Acceptable use

Do not submit requirements or supply records for goods you are not lawfully entitled to buy or sell, do not misrepresent your company, your capacity or your compliance position, and do not use another party's information obtained through AfrexMarket for any purpose other than the transaction it was disclosed for.

Governing law

These terms are governed by the law of the Republic of South Africa. Nothing in them removes a protection that applicable Mozambican law gives a party in Mozambique.

Changes

These terms may be updated. The version in force at the date a quotation is issued governs that transaction.