Iowa Glove Company LLC (“IGC”) conducts its business in a fully transparent manner and performs thorough due diligence on its suppliers and buyers. Our due diligence is the same that would be required by buyers for similar-sized business transactions of any kind.
If BUYER is a direct end user of the product with publicly available information on ownership and financial condition, IGC will contact the CFO or other appropriate official at BUYER to confirm the desire of BUYER to purchase gloves before negotiating the FULLY TRANSPARENT glove transaction. (FULLY TRANSPARENT means that BUYER will be the contracted party on the contract with the glove producer. Thus, BUYER will know the actual amount paid to the factory for FOB delivery to the factory’s local port, e.g., Bangkok, when the factory is near Bangkok.)
If BUYER is an intermediary (defined as an entity that will not be the end user of the product), IGC due diligence begins with a multi-page IGC “Know Your Client” questionnaire. (This questionnaire is modeled after the questionnaires used by major banks and securities firms.)
IGC will verify all information contained in the questionnaire before IGC will introduce BUYER to its bank(s) for purposes of determining whether or not IGC’s bank will provide any type of banking service to Buyer, e.g., Letter of Credit, credit line, or escrow services.
IGC will provide advice on the commercial construct of any proposed contract between BUYER and glove producer, as well as advice relating to financing options when requested by BUYER.
IGC only engages in transactions that settle FOB in the country in which the gloves are produced. BUYER will be responsible for transporting the gloves to BUYER’s preferred destination. While IGC can make introductions to freight forwarders, IGC will not become a party to freight forwarding.
If you would like to contact Iowa Glove Company LLC, you can do so by emailing firstname.lastname@example.org.