Inventory Confiscation Policy
Noon may confiscate the Seller’s inventory where they fail to abide by some of its policies. Once confiscated, ownership of such inventory will be transferred to noon or the Lending partner, depending upon the underlying scenario. Few scenarios which may lead to confiscation are listed below.
- Failure to collect within timeline: If the seller fails to collect or accept RTV shipments within timelines defined in the RTV policy, Status of such RTV shipments will be ‘Confiscated’ in the ‘Returns’ dashboard on Seller Lab.
- Failure to Clear Outstanding Balance: If Sellers are unable to clear their outstanding balance within 30 days from the date when the account runs in negative balance, noon will immediately confiscate commensurate FBN inventory to recover commensurate amounts. Once confiscated, ownership of the confiscated inventory will be transferred to noon and you will no longer be eligible for payment or disputes. You can track such confiscated inventory by logging into Seller Lab > Customer Report > Outstanding Recovery Report.
- Failure to Clear Outstanding Loan: If Sellers are unable to pay their outstanding loan obtained through noon Seller Finance Assistance (SFA) Program, noon will confiscate commensurate FBN inventory and ownership of such inventory will be transferred to the Lender. Subsequent treatment of the inventory will be in accordance with the terms & conditions of the Lending agreement. noon will no longer be liable to you for any payments or disputes in regards to such inventory.
That’s it!
Got questions?
Reach out to seller@noon.com
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