Knowledge Base

At what point are parties obligated to complete a trade?

Category: Buy a Claim

Bids made by buyers are non-binding offers subject to diligence and definitive documentation. All bids on the Marketplace are on Xclaim Standard Terms unless otherwise specified. After a claim holder accepts a bid on the Marketplace, Xclaim will reach out to the claim holder to confirm their willingness to proceed with the bid on the proposed terms. If the claim holder confirms their willingness to proceed, Xclaim will confirm the trade and at that point, the claim holder is obligated to act in good faith to satisfy the buyer's remaining diligence requests and to complete the transaction on the proposed terms.