Getting Paid & the Claim Transfer Process

The pressing question for many of you is how and when you will get paid. Hopefully the following will give you a better idea of how the process will work.

Step 1:     Agree on a price, sign NDA and Claim Transfer Agreement.    This is a simple agreement setting forth the terms of the transfer, such as you agreeing to sell your claim to the purchaser for X amount paid in a certain manner.  The purchaser will provide the agreement to you for your review.

Step 2:     Transfer your claim online.    To perform this step you will provide the purchaser with your login credentials and the purchaser will log in and process the transfer of the claim.  By this point, you will know the identity of the seller and there will already be a binding agreement between you.

Step 3:     Fill out and sign the Claim Transfer Notice.    This is a document you must fill out and that must be filed online to transfer your claim.  We will provide this document to you.

Step 4:     Wait for Confirmation.    The trustee has to confirm the transfer of the claim for it to formally transfer to the purchaser.  This is exactly what it sounds like: the trustee needs to look at the transfer and issue a receipt.  After this step payment will be sent. This last step may require a wait of several weeks to allow the trustee time to approve the transfers. Purchasers understandably want to make certain they will formally own the claim under Japan law prior to remitting payment.  We are currently thinking of solutions to speed up this step.

Step 5:      Payment.     Sellers will remit payment in USD via bank wire.  There have been many inquiries about receiving payment in bitcoins, but sellers are not prepared to do that at this moment.  Perhaps it is possible to have a wire directly sent to a bitcoin exchange of your choice.  If you have any suggestions about how to facilitate payment in bitcoins please feel free to email us and offer a suggestion.

Please also email us any questions or concerns you have about this process. We are happy to answer.

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