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Arabica coffee prices drop 20 per cent

commodityonline
commodityonline
December 08, 2022
Arabica coffee prices drop 20 per cent

The price of arabica coffee has come down due to global trends. The situation has created a shortage in the availability of arabica coffee as the growers are unwilling to sell their produce at the current market rates.

The farmgate prices of coffee which were around Rs.16,000 per 50 kg bag at the beginning of October, have dropped to barely Rs.13,000. The robusta variety which is extensively grown in the country also has been affected by the price drop.

The price fall is reported to have been highly linked to global price trends. Mahesh Shashidhar, chairman of Karnataka Planter’s Association said that the situation would be a concern if the prices don’t improve from the current levels.

Moreover, bad weather and labour shortages also worsen the situation where the farmers are hesitant to make a decision with regard to selling their produce at the current rates.

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Escrow - Terms and Conditions

Last updated: 22/12/2023
1. Introduction

Welcome to commodityonline Escrow, a secure platform facilitating transactions between buyers and sellers. By using our services, you agree to the following terms and conditions.

2. Payment Guarantee
  • commodityonline guarantees the payment for transactions facilitated through our Escrow platform.
  • Once the buyer accepts the seller's invoice, the funds will be held securely until delivery of promised goods is done satisfactorily to the buyer and seller.
  • The amount mentioned in the invoice will be considered as the final disbursement amount.
  • Commodityonline's responsibility to a particular transaction will cease once the goods are delivered and payment is disbursed. Any dispute regarding the goods has to be taken up by the seller and buyer themselves.
3. Logistics and Quality Testing
  • Commodityonline's scope of work does not include logistics.
  • Either parties can include logistics cost in the invoice with prior consent from bearing party.
  • All transportation of goods, final delivery and its time frame is outside the purview of Commodityonline.
  • Similarly, commodityonline is also not into quality testing.
  • Buyer has to be satisfied with the quality of goods after deliberation with the seller or after approving samples at their own level and cost.
  • There is no quality control test process in the current process of commodityonline and it is entirely upto the transactional parties to be satisfied and accept good as per their own set quality protocols.
  • Users are responsible for verifying quality aspects independently.
4. Escrow Process
4.1 Initiation:
  • After the buyer is satisfied with quantity and quality of goods of the seller on Commodityonline interface, they must contact the seller party on whatsapp or telephone to discuss any negotiation or quality check.
  • After both parties agree to buy/sell at a certain rate agreed by both parties, the buyer creates a request on the platform.
  • We strongly recommend the conversations to be recorded on the phone or keep a copy of the conversation on the finalisation of the rates/quantity for clarity.
  • After the buyer creates a request, the same quality, quantity and price is to be maintained by the seller.
  • The seller then creates an invoice in his/her own system and all the items agreed mutually (Transportation/Quality test costs etc) should be included in the invoice to conclude on a final amount.
4.2 Acceptance:
  • The buyer reviews the invoice and accepts the invoice
  • Buyer then initiates the escrow process by adding details of the bank etc.
  • An amount equivalent to the invoice amount is to be transferred to the Commodityonline Escrow account.
  • This money does not go the seller and is safe with commodityonline until goods is delivered.
4.3 Payment Holding:
  • commodityonline securely holds the payment
  • Once goods is delivered and buyer confirms the delivery, the amount is disbursed to the seller.
  • Please note that this has to be done at a fair play time once the good is delivered.
  • Buyer has to confirm the receipt of goods within 2 days of delivery.
5. User Responsibilities
  • Users are responsible for accurate communication, including rates, product details, and transaction terms.
  • Commodityonline is responsible only for safeguarding your money and not any other aspects of the transaction.
  • Buyers and sellers are encouraged to independently verify transportation and quality testing arrangements.
6. Dispute Resolution

In the event of a dispute:

6.1 Initial Resolution Attempt:

Users experiencing a dispute are encouraged to make reasonable efforts to resolve the issue amicably between themselves.

6.2 Escalation to Escrow Involvement:

If the dispute persists, users must contact commodityonline for assistance. We will facilitate communication to reach a resolution.

6.3 Escrow Intervention:

If the dispute remains unresolved, commodityonline reserves the right to hold the payment until a satisfactory resolution is reached. This may come from a mutual agreement between the parties (buyer and seller) or be based on a court order.

6.4 External Resolution:

If the dispute escalates to a legal level, commodityonline will comply with court orders. Users understand that commodityonline may be required to release funds according to a legally binding decision.

7. Limitations of Liability

commodityonline is not liable for issues related to transportation, quality testing, or any disputes between users.

8. Changes to Terms

commodityonline reserves the right to update these terms and conditions. Users will be notified of any changes.

By using commodityonline Escrow, you acknowledge and agree to abide by these terms and conditions. For any queries or concerns, please contact us at [email protected].

Last updated: 22/12/2023

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