The following are questions that have been asked by a number of our members. Click on the question to view it's answer, and then click on the arrow ( ) to return here. If you have a question that you do not find listed here, please email it to: epac1@infofind.com. What is the reserve price and are we obligated to purchase if we do not reach the reserve price?
What is the starting price?
Are samples available and what happens if the sample fails?
What if the samples pass and the actual lot of material received varies from the sample?
What are the material quality rating systems?
Why do we have to bid on the entire lots?
I saw something on PAC a few days ago and now I can't find it.
The material I bid on was not available to purchase.
If I want to put something on PAC, how is it done?
Why is the reserve price higher than the source's asking price?
What types of payment terms are on PAC and how is it handled?
Is there credit available and how do I get it?
How is money transferred when the deal is completed?
Who provides the shipping of the product or are freight costs included in the price?
What is the point system?
Will the point system affect our purchasing or selling ability?
What is the minimum weight requirement if you want to put it on the auction?
When will I know if my bid is the winning bid and is it final?
If I have the highest bid does that mean I win the item on the auction?
What is the reserve price and are we obligated to purchase if we do not reach the reserve price? The reserve price represents the approximate market value and includes the owner's asking price of the material. Please note that if you bid on a Reserve Price Auction and your bid doesn't meet the reserve, you have no obligation to purchase the item from the seller.
What is the starting price? The starting price represents the lowest price a seller might accept during an auction. If the starting price is met, we will contact the owner of the material with your bid amount and get back to you within 24 hours.
Are samples available and what happens if the sample fails? In most cases (99%) samples are available upon request. If the product does not meet the buyer's need for any reason, there is no obligation to purchase the material.
What if the samples pass and the actual lot of material received varies from the sample? If the material is misrepresented, there is no obligation to pay for the material. PolyTrade backs up all products 100%. The lot will be returned to PolyTrade at our expense.
What are the material quality rating systems? Top Quality: A
Material is either (1) Prime Virgin with or without lot numbers and certs, or (2) Virgin off-grade with reason for being off-grade clearly defined. Good/Average Quality: B
Seller is representing this material as secondary in nature, but of good quality as based in the description. The description is such that the buyer can make qualified decisions with his/her experience and knowledge of what the description means and what the end-use application would be. Useable Performance Qualified Material: C
Has various possible defects, but to the best of the sellers ability is fully described including problem areas, if any. Seller will support only to the quality level in the description. Buyer should take these variables into consideration when making a bid for ownership. Questionable Material: D
Seller is not capable or willing to assure any level of quality. The description is reasonable to the best of his/her knowledge. This is definitely buyer beware. Know your application and risk levels.
Low Level (could be very low) Material: F
Absolutely no recourse for buyer from seller. Any type of contamination or other defects possible. "As is, where is" buyer-beware transaction. Note: Level F could include negative bidding ("You pay me to take it.").
Why do we have to bid on the entire lots? During normal auction operating hours, all bids are made on the entire lot. We do this to keep the starting price as low as possible. However, we realize that some businesses do not have a need for high poundage items and would like to have the ability to purchase a smaller quantity. In some cases the owners of the material are willing to sell partial lots. If you are interested in smaller quantities of an auction item, please drop us a line with your request. We will forward your request to the owner of the material and get back to you within 24 hours with an answer.
I saw something on PAC a few days ago and now I can't find it. If you are interested in any of the material being offered before or after an auction, please call or drop us an e-mail. We will gladly pass your bid along to the owner of the material or the PolyTrade Associate responsible for your area. Please include your bid, the amount of material you are interested in purchasing and the material ID number. If you do not have the material ID number, please send a detailed description of the material.
The material I bid on was not available to purchase. All material is coded and displayed at the time of the auction:
ERROR MSG Code AA (Available Assurance)
Identifies that material is 100% available at auction time.
Code SPS (Subject to Prior Sale)
Identifies that material is available at the time of auction, however there is no commitment that the source will hold material for the duration of the auction.
If I want to put something on PAC, how is it done? All sources for listings [sellers] will go through PolyTrade Inc, either directly or via the P.A.C. web site. On the P.A.C. web site, there is a form provided to supply us with all the pertinent details. All you do is click the "Submit Item" button to bring up the form, and fill it out completely. The rest is up to us. Please remember the more information you give us about the product you're entering, the better. If you choose to use our PolyTrade Associates to enter the material, please contact them directly. What makes this unique is the fact that the source has both PolyTrade sales, as stated before, considered to be one of the best teams in the industry, and P.A.C. Associates developing interested parties across the entire plastic industry.
Why is the reserve price higher than the source's asking price? The reserve price is higher than the asking price due to operational cost that pays for the running of the web site and administration costs. The operational cost is determined by the weight and location of the material being listed.
What types of payment terms are on PAC and how is it handled? There are two terms of payment.
1) Cash
2) Credit
b&b Limerick hotels PolyTrade, Inc. handles all credit terms.
Is there credit available and how do I get it? There is a credit application provided on the auction site.
How is money transferred when the deal is completed? All monetary transactions are handled by PolyTrade, Inc.
Who provides the shipping of the product or are freight costs included in the price? The freight cost is not included in the price and the buyer is responsible for shipping the product from the stated FOB.
What is the point system? RATING SYSTEM FOR SOURCES
Areas Covered and Method of Assigning Points
1. Sales per yr. (last full year sales, in millions)
2. Years in business
Note: (members to fill in "member points" on #1, 2)
3. Material description validity
4. Honoring of PO or commitment
5. Handling of complaints/returns etc.
Newcastle accommodation 6. Overall opinion of company
RATING SYSTEM FOR BUYERS
Areas Covered and Method of Assigning Points
1. Sales per yr. (last full year sales, in millions)
2. Years in business
3. Net Worth
Note: (members to fill in "member points" on item# 1-3)
4. Honoring of PO or commitment
5. Handling of complaints/returns etc.
6. Overall opinion of company
Will the point system affect our purchasing or selling ability? No, this tool is a "guide" for members to use. It is not a "judgement." There are always other factors to consider.
What is the minimum weight requirement if you want to put it on the auction? | Commodity | Minimum quantity 5,000 pounds | | Engineering | Minimum quantity 1,000 pounds | | Exotic Material | Minimum quantity 500 pounds | | | When will I know if my bid is the winning bid and is it final? ERROR MSGAt the end of an auction the highest bid is sent to the owners for review and finalized usually within 24 hours.
If I have the highest bid does that mean I win the item on the auction? Yes, providing certain conditions are met. P.A.C. will do everything in its power to smoothly and successfully close a deal in a timely manner. Bidding via the on-line auction sends a signal to us that you are extremely interested in a particular listed item. However, there are a few conditions that have to be met before a deal is completed. These conditions are designed to protect the integrity of the transaction, along with the buyer and the seller. 1) Our supplier must accept your bid.
Most sales are 'subject to prior sale' (SPS). Once we receive your bid, we immediately contact the owner of the material and inform them that there are bidding activities regarding their particular item. We do this to insure that the product is still available and to ask the owner to hold the material. Once the auction is over, we inform the owner of the material that all bids are in. Once a price agreement has been established and accepted, we notify the highest bidder. 2) Samples must be approved.
In the secondary plastic market it is normal business practice to ask for material samples. Once the samples are received from the seller, we strongly recommend the testing of the provided sample be completed as soon as possible. 3) Credit terms established.
P.A.C. is owned and operated by PolyTrade, Inc., located in Whitinsville, MA. and has been designed to provide established payment terms outside the Internet arena. We chose this method purposely in order for us to provide you with a safe and secure credit payment method. This value-added service enables PolyTrade to back up all transactions and lower the risk to you, our valued customer. To speed up the process, customary credit terms can be
obtained by filling out the provided Credit Application located inside the P.A.C. auction site. Most credit terms are net 35 days.
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