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DUE DILIGENCE

CONTRACT SETTLEMENT

All EOG contracts must by be physically settled according to Price, Terms, and Conditions agreed upon with your Counterparty.

Once you have created a contract through the EOG negotiation software, both parties will be contacted by the EOG legal team to begin settlement, which consists of two phases: Due Diligence and Day of Settlement. As stated in the EOG Terms of Use, we require and strictly enforce for all contracts to be physically settled as per agreed-upon terms and conditions.

Due diligence is a mandatory step in the settlement process where counterparties are put in direct communication with each other and obtain mutual comfort over existence and completeness of fiat funds and cryptocurrency holdings. Due diligence is the sole responsibility of the counterparties, not of EOG; however EOG facilitates due diligence and can perform specified audit procedures on behalf of the counterparties.

At EOG we facilitate the entire process and our Chartered Professional Accountants (CPAs) can complete standard due diligence procedures on behalf of the counterparties such as assessment of fiat funds (USD, CAD, etc..) and crypto holdings, with a review of related digital wallets and bank accounts.

Due diligence can take anywhere from one to five business days or longer to complete, depending on total value and complexity of the contract. It’s important to note, due diligence is not another round of negotiations, but rather a review of counterparties’ funds and crypto holdings which will be used to complete the final settlement.

Due diligence cannot stall or obstruct the overall settlement process moving forward. Its important to note: a party will be in breach of contract if they are unable to satisfy basic due diligence requirements of demonstrating fiat funds or cryptocurrency as per negotiated contract. Breach of contract penalties are defined in the EOG Terms of Use.

Due diligence is a mandatory step in contract settlement as per EOG Terms of Use. Parties refusing to validate their fiat or cryptocurrency holdings during settlement are automatically in breach of contract. Do not use our website, our platform, or any of our services if you do not agree to complete due diligence during contract settlement. See EOG Terms of Use.

DAY OF SETTLEMENT

After completing due diligence, EOG drafts the Settlement Agreement (the agreement) with direct input from the counterparties. The Settlement Agreement sets the day, time, and schedule of transfers for bank wires and cryptocurrency as per negotiated terms and conditions of your contract. Once drafted by EOG, the Settlement Agreement is finalized and signed off electronically by the counterparties.

On the Day of Settlement, we require you to open all communication lines, including Skype, text, phone, email, to strictly follow the set-out timelines of transfers as per the Settlement Agreement. We make settlement an easy process, simply follow the steps in your agreement.
It is important to note, EOG owns the process of drafting and facilitating the completion of the Settlement Agreement. We walk you through the entire settlement process side by side, however ultimately this is your agreement. Ownership of the agreement resides with the counterparties, not with EOG.

Having a consulting role during settlement, EOG facilitates the drafting of the agreement and recommends both parties to implement standard and or additional controls as part of the Settlement Agreement tailored to further mitigate unique risk exposure of each counterparty.

Additional settlement controls can include but are not limited to, use of in-trust accounts, split of transfers, and use of lawyers or intermediaries to move funds or cryptocurrency. After the Settlement Agreement is finalized and signed by the counterparties, accountability for executing the agreement also resides with the counterparties, not with EOG. Refer to EOG Terms of Use.

We maintain strong internal controls over the settlement process. As a strict policy, we do not hold cryptocurrency, and we do not send or receive bank wire transfers related to contract settlement. Breach of contract penalties applies for all non-performance as defined in the EOG Terms of Use. Breach of contract penalties are further defined in the Settlement Agreement. To learn more about EOG internal controls framework, visit our Internal Controls page.

DUE DILIGENCE PROCEDURES: BUYER

Our inhouse Chartered Professional Accountants perform due diligence procedures to verify buyer's fiat funds.

EOG completes the following specified audit procedures below for each contract created with our negotiation software. The objective is to verify the Buyer has the fiat funds (USD, CAD, EUR, etc) to transfer to the Seller on the entire amount of the contract created with EOG. (Ownership, and Existence)

BANK ACCOUNT PROCEDURES: BUYER

Review identity documents on file with EOG. Obtain Buyer’s banking information, and match to identity records on file. (Ownership, Existence)

Buyer transfers to EOG a retainer of $500 CAD for due diligence services, from the same bank account from which the Buyer will make the transfer to the Seller. Review the bank transfer to matching records on file. (Ownership, Existence)
Review one-month history, a most recent bank account statement. (Ownership, Existence)

Obtain timely evidence of bank balance showing fiat funds in the total amount of the purchase. (Existence). Evidence can be a bank balance print out obtained directly from your bank. Screenshot of your online banking showing the bank balance.

DIGITAL WALLET PROCEDURES: BUYER

Obtain buyer’s digital wallet information, review to match identity records on file with EOG. (Ownership)

Verify the Buyer is the owner of the digital wallet. Buyer to receive the small amount of crypto from the Seller and provide confirmation to EOG. Buyer to provide EOG a screenshot of digital wallet transaction history showing the transfer from the seller. (Ownership)

DUE DILIGENCE PROCEDURES: SELLER

Our inhouse Chartered Professional Accountants perform due diligence procedures to verify seller's cryptocurrency holdings.

EOG completes the following specified audit procedures below for each contract created with our negotiation software. The objective is to verify the Buyer has the fiat funds (USD, CAD, EUR, etc) to transfer to the Seller on the entire amount of the contract created with EOG. (Ownership, and Existence)

BANK ACCOUNT PROCEDURES: SELLER

Review identity documents on file with EOG. Obtain Seller’s banking information, and match to identity records on file. (Ownership, Existence)

Seller transfers to EOG a retainer of $500 CAD for due diligence services, from the same bank account the Seller will use to receive money from the Buyer. Review the bank transfer to matching records on file. (Ownership, Existence)
Review one-month history, a most recent bank account statement. (Ownership, Existence)

DIGITAL WALLET PROCEDURES: SELLER

Obtain Seller’s digital wallet information, review to match identity records on file with EOG. (Ownership, Existence)

Verify the Seller is the owner of the digital wallet. Seller to send a small amount of crypto to the Buyer, and provide confirmation to EOG. Seller to provide EOG a screenshot of digital wallet transaction history showing the transfer to the Buyer. (Ownership, Existence)

Obtain a one month history of crypto transactions in Seller’s digital wallet (Ownership, Existence)

Obtain timely evidence of cryptocurrency held in Seller’s digital wallet on the total amount of cryptocurrency being sold. (Existence) Evidence can be: Screenshot of the digital wallet.

DUE DILIGENCE PROCESS AND FEES

Our inhouse Chartered Professional Accountants perform due diligence procedures to verify funds and crypto holdings.

EOG platform is FREE to use, no fees, and no hidden fees! However we do charge for professional services to facilitate due diligence and to complete specified audit procedures. Our flat rate for completing standard due diligence procedures is $500 CAD due from each contracting party, based on 4 hours of chargeable time. Additional review time above 4 hours, or extensive follow-up above the basic scope of specified audit procedures can be completed by EOG at $125 CAD per hour.

Our flat fee is paid to EOG in any event, including if one of the parties chooses to use their own due diligence provider. Most of our due diligence engagements are completed under 4 hours per each contracting party, with a standard fee of $500 CAD. Our fee of $500 CAD paid in any event, including if the parties choose to use their own due diligence providers.

Following completion of due diligence procedures, EOG provides a report to each of the parties and holds a transparent closing meeting to review results. We report on facts. Any discrepancies (if any) are noted in our report.

Due diligence is a stop and review process, a stage gate, using Project management terminology. After receiving the due diligence report from EOG, if one of the parties did not pass the due diligence review, the other party can back out of the contract. It’s important to understand that the party failing the due diligence review may be in breach of contract as per EOG Terms of Use.

With an implementation timeline of Q1 2022, EOG will be going away from manual Due Diligence contract settlement process and will be adopting blockchain Atomic Swap Contracts to settle cryptocurrencies for all OTC negotiated transactions. Atomic swaps hosted by the EOG platform will allow contracting parties to settle cryptocurrency transactions directly through blockchain, relying on smart contracts execution, without the need of a due diligence oversight.

SIGN UP FOR FREE

Sign Up for a FREE account with no commitments! Using your smartphone, enter your name, email, and a password to access our EOG Sandbox OTC workspace in the next 30 seconds. Our sandbox workspace provides a safe and risk free environment to try out our software while the EOG compliance team completes your KYC (know your client) onboarding. EOG applications are MOBILE-FIRST, we do not optimize for tablet or desktop.

We support USD/CAD/GBP/EUR fiat currency, all cryptocurrencies, fiat to crypto and crypto to crypto off-exchange contracts, with NO MINIMUMS and NO UPPER LIMITS. Visit the EOG negotiation software web application directly at https://www.eogotc.app and create your FREE account.

TALK TO US

We want to hear from you!

Executive OTC Group is located in Calgary, with a global team of professionals working towards the EOG vision. Ask us a question. The better the question, the better the answer, the better the world works, and EOG. We are located at: Executive OTC Group Inc., 714-1121 6 Ave SW, Calgary, Alberta, T2P 5J4. We use Telegram App as the preferred method for all phone calls over WIFI. Our phone number is 1-780-394-3180 send us a text via Telegram. Anytime, send us an email: [email protected]

Grow together with EOG. If you share our passion and vision for cryptocurrency, if you believe in us and want to fuel our growth, if you personally like to share and invest in our success, we invite you to generously donate cryptocurrency and fiat funds to EOG. We thank you for your donations!

EOG Bitcoin address: 32osTa8gYtZKxWn1qzZunh5h7FG57zqZ9r

EOG Ethereum address: 0x786164CBCa7E3383b336678DEd50F980A6e37DB7

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