Knowledge Base

At What Point Are Parties Obligated to Complete a Trade?

Category: Buy a Claim

Bids made by buyers are non-binding and subject to a 48 hour diligence period and standard contract terms. Once a buyer agrees to proceed with a claim purchase and provides any proposed contract modifications, Xclaim will notify the claim holder of the proposed deal terms. If the claim holder accepts the proposed terms, a binding trade confirmation is created and the parties become obligated to act in good faith to complete the trade.