Isn't there a MOU - Memorandum of Understanding step as well? I think it comes after 1). All our state government heads go for foreign tours, sign MOU's for a few billion dollars with big photo OPS, make huge press statements, and in a few years nothing really happens and nobody is held liable.
Anyways I think to do it the right way on this forum these steps need to be followed:
1. Invite EOI - Expression of Interest.
2. Sign MOU
3. Sign Letter of intent
4. Request for proposal
5. Sealed tender/bid.
6. Opening of tender/bid.
7. Awarding of contract - or sale of equipment (in this case) to L1 for buyer and L100000000000 for seller.
(And fingers crossed - hopefully no future audit will find any corruption is involved in all of this).
Apologies to all for the sarcasm, but for an used audio equipment sale site, I think everything is being blown out of proportion. You reply to a for sale ad., if equipment is available and seller likes your offered/negotiated price (because nothing works without bargaining) and all agree to terms, deal is done. If not so be it, move on, both buyer and seller, simple no?
Cheers,
Sid
MOU comes normally at the end of the purchase process when both the parties agrees to enter into contract agreement(it may or may not be a contract agreement itself), beginning of the implementation of agreed things. Any how, I am very clear in my post and as an example given only
3 major process, which might be more relevant and basic. Also stated that, I don't want to invite a debate on the process of transactions in pure commercial world, as most of those does not apply here. Still if FMs expects to discuss on those, I can share another hundred of such legal terms and document formats, and order of execution, but what is the purpose? So, no need to waste of our time in discussing so many terminologies here as we have very little understanding on those.
But, my intention is, there are few more terms which can be used here other than only 3 categories we have under 'Classifieds'. We need to make it more simple, straight forward and suitable for this forum.
This forum is for Audio/Video enthusiasists to share knowledge and experience, than a buying/selling platform. Some FMs may have a feel that, they have acquired some prized and rare possessions with lot of hard ship and want to let it go to a person who loves it and who takes care of such things, rather than who have immediate money to dispose. So, we have a gap there now and that is the route cause of this thread. To begin with, one more category can be introduced 'expression of interests invited' or some thing similar to that, where the seller can post his valuables and give a time line and collect more information from the prospective buyers, and close at the end with some per-defined short listing process. The seller may also fix some earnest payment (non-refundable?) to be the part.
As a last line........ Now a days we have a proper system even for a hundred bucks transactions, like seat reservation in transport, entertainments etc., which doesn't allow somebody to put handkerchief and reserve, without knowing wether he want to be a part or not. So, it is not a question of big or small, the process should not cause humiliation to some one who actually deserves with proper entry (Nevertheless, the proper way of entry should be defined by the Vendor, if he allows handkerchief reservation, that is also fine, it is his privilege). But never be labelled under one's 'Faith' or 'Karma'. When the seller concludes 'the gear passed on to deserved buyer', other people in Que should know, how that 'deserve'ness is evolved.