Glossary & product specs

User Roles

An entity that purchases products on the Vesper Marketplace. Buyers can view and respond to seller offers or create bids if no suitable offers are available.

An entity that offers products for sale. Sellers can review bids and create offers when no suitable bids match their requirements.

A user who engages in both buying and selling. Traders must select product origin factories when creating bids or offers and be flexible to trade from multiple approved origins.

A Liquidity Provider or Market Maker is a company that quotes both a buy and a sell price in a tradable asset held in inventory. All LPs have been approved by Vesper Marketplace following our quality standards and committing to a specific agreement.

Bids & Offers

A request from a Buyer to purchase a product, indicating product details, desired volume, and the price they’re willing to pay.

Offer
A request from a Seller to sell a product, specifying product attributes, volume, and the desired price.
Counter Bid
A response from a Buyer proposing new price and volume to an existing Offer. Adjustments can be made to price, volume, or other terms until accepted or withdrawn.
Counter Offer
A response from a Seller proposing new terms to an existing Bid. Similar to a Counter Bid, this can be modified until both parties agree or the negotiation is closed.
Deal
A confirmed agreement between a Buyer and Seller. Once the terms are accepted by both parties, the deal is finalized, and a binding contract is established.
Negotiation
The process of adjusting terms between Buyers and Sellers to reach a Deal. It involves exchanging Counter Bids and Counter Offers until both sides agree.

Partner Terms

Approved Partners
Pre-approved entities that Buyers and Sellers are authorized to trade with, ensuring compliance and trust throughout transactions.
Product Origin / Factory
A facility that supplies products. Buyers can choose and approve specific factories to ensure they are sourcing from preferred locations.
Approved Product Origin / Factory
Specific factory locations that a Buyer has approved for sourcing products. All trade must align with these specified origins to ensure quality and compliance.

Product Specifications

SMP (Skimmed Milk Powder)

Quality

Heat Class (CODEX Standard)

Classification of SMP by heat treatment level, based on CODEX standards.

Low Heat
Medium Heat
High Heat
UHT (Ultra Heat Treated)
High Heat - Heat Stable
Chocolate Spec

Note: Modifications to heat classes can be made based on pre-agreed terms.

Product Age

The time elapsed from the product's production date to its delivery date. This period indicates how fresh or matured the product is at the time of delivery. Depending on the product type, age classifications can include ranges such as:

Fresh (3 months): Produced within the last 3 months
6 months old: Produced 6 months prior to delivery
9 months old: Produced 9 months prior to delivery
12 months old: Produced 12 months prior to delivery
12-24 months old: Produced between 12 and 24 months prior to delivery.

Packaging

Bag Size

- Small Bag: 25 kg
- Big Bag: 1000 kg

Pallet Type

- Standard Pallet (Wooden or Plastic): 110 x 130 cm or 100 x 120 cm
- Euro Pallet (Wooden or Plastic): 80 x 120 cm
- CHEP Pallet (Wooden or Plastic): Reusable pallets provided by CHEP
- Bulk Containers on Pallet: Large containers secured on pallets for bulk shipments

Certifications & Additions

GFSI: Global Food Safety Initiative certification, ensuring food safety and quality.
Kosher: Certification that the product meets Jewish dietary laws.
Export: Compliance with international export standards.
Halal: Certification that the product meets Islamic dietary laws.
Non-GMO: Assurance that the product is free from genetically modified organisms.
RBST Free: Certification that the product is free from recombinant bovine somatotropin.
Certificate of Analysis (CoA): Document confirming the product meets specified quality and safety standards.
Extra / Custom Label: Additional labeling as per customer requirements.

Note: Halal and Kosher certificates are provided by various third-parties and should be aligned with partners’ pre-agreements.

Butter

Quality

Butter Type
- Unsalted Lactic: Butter made from lactic acid-fermented cream, without added salt
- Unsalted Sweetcream: Butter made from fresh sweet cream, without added salt
- Salted Sweetcream: Butter made from fresh sweet cream with added salt
- Unsalted Lactic - Winter: Seasonal butter made from lactic acid-fermented cream, produced in winter, without added salt
- Unsalted Sweetcream - Winter: Seasonal butter made from fresh sweet cream, produced in winter, without added salt
- Salted Sweetcream - Winter: Seasonal butter made from fresh sweet cream, produced in winter, with added salt

Note: FFA should be between 0.33-0.4 for Winter butter and FFA between 0.3 and 0.33 for regular Butter.

Product Age
- Fresh: Recently produced butter.
- Frozen:
  - 3 months: Butter frozen for up to 3 months.
  - 6 months: Butter frozen for up to 6 months.
  - 9 months: Butter frozen for up to 9 months.
- Any Age/Condition: Butter of any age or condition as specified.

Packaging

Bag Size
- 25 kg Cartons
- 15 kg Cartons
- 10 kg Cartons
- 25 kg Cartons - plastic wrappers
- Bulk
Pallet Type
- Standard Pallet (Wooden or Plastic): 110 x 130 cm or 100 x 120 cm
- Euro Pallet (Wooden or Plastic): 80 x 120 cm, standardized size widely used in Europe
- CHEP Pallet (Wooden or Plastic): Reusable pallets provided by CHEP
Certifications & Additions

GFSI: Global Food Safety Initiative certification, ensuring food safety and quality.
Kosher: Certification that the product meets Jewish dietary laws.
Export: Compliance with international export standards.
Halal: Certification that the product meets Islamic dietary laws.
Non-GMO: Assurance that the product is free from genetically modified organisms.
RBST Free: Certification that the product is free from recombinant bovine somatotropin.
Certificate of Analysis (CoA): Document confirming the product meets specified quality and safety standards.
Extra / Custom Label: Additional labeling as per customer requirements.

Note: Halal and Kosher certificates are provided by various third-parties and should be aligned with partners’ pre-agreements.

Shipment Terms

Incoterms

Standard international delivery terms defining Buyer and Seller responsibilities

Bid Incoterms

- - EXW (Ex Works)
  - CIP (Carriage and Insurance Paid)
  - DPU (Delivered at Place Unloaded)

Offer Incoterms

- - EXW (Ex Works)
  - FCA (Free Carrier)

Incoterm Location

[add a map to define the regions]

- North DE
- South DE
- West DE
- East DE
- North FR
- South FR
- West FR
- East FR
- North SP
- South SP
- East SP
- West SP
- Switzerland
- Belgium

Delivery Period

The timeframe within which products must be delivered, typically ranging from monthly to quarterly periods and extending up to twelve months.

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