Terms & Using Escrow

By utilizing our escrow services, you agree to comply with these terms, which include guidelines for account registration, fund transfer, dispute resolution, and release of funds.

These terms and conditions, which are referred to as the "Terms of using Escrow," regulate how users and visitors use the escrow facilitation and transaction management services offered by (Company Name) (also known as the "Company," "(Website Name)," or "Escrow Agent"), which are made possible by its partner banks, trustee companies, payment gateways, vendors, and other service providers. The website (Website URL) (also referred to as the "Website") hosts these services.

The Parties acknowledge that they have read these Terms of Service and that they intend to be bound by them by choosing to use the Facilitation Services (as defined below). Any Party shall immediately stop using the Facilitation Services going forward if they are reluctant to accept these Terms of Service. Any Party using a Facilitation Service(s) agrees to be bound by the following Terms of Service. Even if they do not use any of the Facilitation Services (described below) offered by the Company on its website, anyone accessing or using the website (henceforth referred to as a "User," "Customer," or "You") is assumed to have read the Terms of Services, the Privacy Policy, and the Disclaimer published separately on the website and to have accepted the terms and conditions stated therein unconditionally and irrevocably. Between the User(s) and (Website Name), these Terms of Service and the accompanying Policies form a legally binding and enforceable agreement.

The user understands, agrees, and acknowledges that even though the user may be permitted to conduct transactions on the (Website Name) website, funds will only be transferred to the user's account upon the fulfillment of KYC and other statutorily and regulatoryly required obligations on the part of the user in compliance with applicable laws. Additionally, (Website Name)y retains the right to retain settlement amounts to the user in the event that the user fails to satisfy KYC and other statutorily and regulatoryly required obligations. (Website Name)

MAY FINALLY REVERSE THE FUNDS TO THE SOURCE ACCOUNT FROM WHERE SUCH PAYMENT ORIGINATED.

Before agreeing to these terms of service, please carefully read them. You hereby irrevocably and absolutely agree to the Terms of Services of (Website Name) and attest that you have read, comprehended, accepted, and acknowledged the same by accepting the Terms of Services or by using our Facilitation Services. Additionally, Users should not use the Website or the Facilitation Services if they do not agree to the terms and conditions.

KEYWORDS AND DEFINITIONS

Any agreement between users for the sale or purchase of any goods, services, or assets for which escrow services from (Website Name) are needed is referred to as a "Agreement to Sell" (ATS).

The definition of "Assets, Goods, and Services" as given in the ATS between the User(s);

A software interface known as "Application Programming Interface (API)" enables automatic communication between two applications. An API is a group of commands and methods for software.

"Buyer" shall mean as defined in the aforementioned ATS.

"Business Day" refers to any day that (Website Name) is operational for business purposes, except non-working Saturdays and Sundays as well as any days that are designated as public holidays.

"Business Hours" refers to any given Business Day's working hours.

"Escrow-Funds" denotes money that the Buyer or User deposits or transfers into the Escrow Account in accordance with the conditions of the aforementioned ATS.

"Escrow Bank" refers to and includes the partner banks of (Website Name), through whose office(s) an escrow account is held and managed, whether or not a trustee is involved.

The term "EAAA" (Escrow Account Administration Agreement) refers to and encompasses the user's authorization given to (Website Name) for the receipt, storage, and release of escrow funds into and out of the escrow account.

"Escrow Agent" refers to and includes (Website Name) or any organization designated by Escrow Bank or (Website Name) to supervise the execution of escrow transactions related to any ATS for the sale or purchase of any assets, goods, or services, as well as the administration of the terms of the ATS.

"Escrow Account" refers to a virtual escrow account held at a bank chosen or designated by (Website Name), functioning as a "(Company Name)-Escrow Account" within a master escrow account, for the purposes specifically outlined in the aforementioned ATS and EAAA.

"Escrow Fees" will imply what is specified in the Agreement and what each User must pay to (Website Name).

"Facilitation Services" refers to any service offered by (Website Name) powered by Partner banks, including escrow facilitation services. Subject to the terms and conditions of the aforementioned ATS, EAAA, and Terms of Services, (Website Name) will function as an escrow agent in a transaction, facilitating collections and payments for the completion of a transaction contemplated under the said ATS.

"Know Your Customer" (KYC) refers to the process of having any User's identity and address verified, as mandated by the RBI from time to time. Before any Services are provided, (Website Name) obtains and validates personal identification from You as well as other information like address and bank account in order to comply with KYC regulations.

"Losses" refers to any and all losses resulting from the use or attempted use of the facilitation services, including losses owing to income, business, or profits.

Any individual involved in the buying, selling, or giving of services is referred to as a "merchant" and includes parties such as buyers, sellers, or parties of a similar sort.

"Party" or "Parties" shall have the meaning specified in this paragraph's first paragraph.

"Seller" shall mean as defined by the aforementioned ATS.

"(Company Name)" refers to a business that was established in accordance with the Companies Act of 2013 and has its registered office at (Company Address), India

"Website" refers to (Website URL) and all of its subdomains. The User agrees to be bound by the terms and conditions listed below for the service.

GENERAL CONDITIONS

Any Party accessing the Website, whether through (Website Name), entities linked or integrated, or through third parties in another way (such as any B2B online merchant or intermediary hosting electronic marketplaces and facilitating business-to-business transactions), hereby grants itself and those third parties permission to provide (Website Name) with the necessary data to enable the transactions. In addition, the parties guarantee and represent that all data they give to (Website Name), whether directly or via a third party, is accurate, truthful, and complete.

LIMITATION OF LIABILITY

Notwithstanding anything to the contrary in this agreement, the EAAA, or any other agreement, (Website Name) is merely a facilitator acting on the directions and authorizations of the Parties hereto. Accordingly, all Parties:

Must refrain from making any kind of demand or claim.
Shall not, in any way, hold (Website Name) responsible for any liabilities, losses, damages, demands, costs, expenses (including attorney fees, court costs, and professional fees), lawsuits, or claims resulting from this Agreement or the services (Website Name) offers through its website.
Agree that (Website Name) is deemed to be acting solely as an agent for the purposes of any remittance made by (Website Name) through the escrow account, save and except the deduction of its escrow fee, and that (Website Name) shall not be liable for any special, punitive, exemplary, indirect, or consequential loss or damage, or loss of profit, business, or revenue to any User.

You specifically understand and agree that (Website Name), affiliates, promoters, directors, employees, partners, suppliers, service providers, agents, and licensors shall not be liable to you for any of the following, subject to the general provisions specified below.

Any damages that you could sustain—direct, indirect, incidental, special, consequential, punitive, or exemplary—regardless of how they were caused or the basis for their responsibility. This will cover, among other things, any loss of profit (whether realized directly or indirectly), any harm to goodwill or the reputation of the company, any loss of data, the expense of acquiring replacement goods or services, or any other intangible loss.
Any content and other communications data stored or sent by or via your use of the Services that is deleted, corrupted, or fails to be stored.
Your inability to give (Website Name) correct information; or
Failing to maintain the security and confidentiality of your password or account information.

The offered facilitation services are only available for legitimate transactions involving assets, goods, and services that aren't otherwise barred or forbidden by currently in effect applicable legislation. Only parties that have registered on the website may access the

The parties acknowledge and agree that, in spite of anything stated in the ATS, these terms of service, or any other agreement, (Website Name)'s total liability to the parties, each of them, or any third party for any act performed or not performed in connection with these terms of service, or for any breach of a covenant, will always be capped at the amount of Escrow Fees that (Website Name) has received or will receive from the user(s). As a result, (Website Name) will also not be held responsible for any damages that a court of law finally finds were principally brought about by the carelessness or infringement of another party's rights of any User or third party.

PROHIBITED TRANSACTIONS

The website and Facilitation Services may not be used by the Parties for any transaction that includes illegal or unlawful actions, or that violates any applicable laws or rules. Furthermore, (Website Name) shall have the exclusive right to refuse any transaction for any reason it may think proper, including but not limited to transactions that it has reason to believe are unlawful, were made by someone other than the parties, or violate any relevant laws.

REJECTION OF PAYMENT

In the event that the partner bank, trustee, payment gateway, or any other payment processor rejects the transaction for any reason—illegality, non-compliance, technical malfunction, or force majeure—(Website Name) shall not be accountable to any User or third party. Furthermore, (Website Name) shall not be liable to any Party if (Website Name) is unable to provide the Facilitation Services due to any such limit, or if a Bank or financial institution fails to honor any credit or debit to or from an Escrow Account. This is because the use of a bank account or the making of an electronic funds transfer may be limited by each Party's agreement with their financial institution and/or by applicable law.

RESPONSIBILITIES AND OBLIGATIONS OF THE USER (S) AND (WEBSITE NAME)

The user's obligations are:

In order to utilize the Facilitation Service, each User must complete the following:

KYC verification must be finished.
Either sign the EAAA or consent to terms of use that are unique to the company model.
The consideration for the assets, products, or services, and the escrow fees must be designated, together with a bank account from which they will be paid into (Payin) or out of (Payout) the escrow account.
In order to receive or pay the consideration for the transaction of any assets, products, or services in accordance with the terms of the ATS, each User grants (Website Name), its partners, vendors, and other authorized service providers permission to initiate debit or credit entries to such bank accounts.
Must carry out the duties specified in the Terms of Services and the ATS.
Must carry out the duties in accordance with the guidelines, rules, and advice issued by any regulatory organization, authority, or court, as well as any amendments made from time to time.
The Payin can be made by the user by a number of different payment methods, such as POS machines, NACH/e-NACH, Real Time Gross Transfer (RTGS), National Electronic Fund Transfer (NEFT), and Immediate Payment Service (IMPS).

Subject to receipt of all paperwork and authorized Release Instructions, (Website Name) will make all payouts to the User's verified bank account via a variety of payment methods, such as Real Time Gross Transfer (RTGS), National Electronic Fund Transfer (NEFT), and Immediate Payment Service (IMPS).

Users agree to receive messages from (Website Name) or its partners/vendors, including transactional, promotional, and/or commercial ones.

(Website Name)'s obligations:

Should promptly accept, retain, and release escrow funds in accordance with the ATS's conditions.
To deliver Facilitation Services in accordance with the terms of the User, Merchant, or Intermediate's signed agreement

(Website Name) disclaims all liability and responsibility for:

Any mistakes, miscalculations, or lapses in judgment, unless they are the result of willful misbehavior or extreme negligence.
For carrying out due diligence on the assets, goods, and services' marketability or authenticity. It shall be the exclusive responsibility of the User(s) to satisfy themselves through due diligence on any assets, goods, and services.
Acknowledging and carrying out any directives received from User(s) or any other authorized person or entity under the ATS, whether sent via email, phone, or other electronic means using a computer or telephone keypad. In accordance with any applicable regulations, using a password or any other form of identity that (Website Name) designates will be recognized as an electronic signature.
Failing to complete a transaction because there are not enough funds in your account; or if events outside of their control—such as, but not limited to, the actions or inactions of any NACH, check, or other processor, the Reserve Bank of India, the National Automated Clearing House Association, any Trustee, any bank, or a regulatory authority's directive—prevent the transaction from being completed.
Depending on any request, letter, certificate, agreement, notice, demand, or other document that, in accordance with the terms of the aforementioned ATS and these Terms of Services, purports to have been transmitted or that it believes to have been signed by any authorized signatories of a User or signed by or on behalf of a User indicated as the sender or signatory thereof. (Website Name) shall not be obliged to request further proof, make any enquiries or investigations regarding its authenticity, or bear any liability for any loss or inconvenience resulting from its neglect to do so.

CANCELLATION OF TRANSACTIONS

If any Party to a transaction disagrees with the terms and conditions stated above or in the relevant ATS, Terms of Services, and/or Privacy Policy or Disclaimer, (Website Name), in its sole discretion, may cancel any transaction without providing a reason. At any time without prior notice, (Website Name) retains the right to suspend, cancel, or terminate the Account and the Facilitation Services at its sole discretion if there has been inactivity, if the Merchant/Intermediary has terminated the User Account or is no longer managing it, if the Account is dormant or improperly used, or if you have violated any other applicable law provision.

STATEMENTS, VERIFICATION

The Parties acknowledge and agree that any and all disclosures and communications pertaining to transactions in the aforementioned ATS and the Facilitation Services will be sent by email or through the website in any other electronic format.

IDENTIFICATION DIGITAL

The Parties acknowledge and agree that each Party will have a digital identity (referred to as a "Digital ID") created, issued, and verified by Escrow Agent. Every approved electronic document and notification email has this Digital ID attached. The Parties acknowledge that the electronic signature on their Digital ID is legitimate.

INDEMNITY

The Parties hereby agree to indemnify (Website Name) and hold it, along with its officers, directors, agents, representatives, and other employees, harmless from any and all losses that it may sustain or incur. This agreement applies jointly and severally.

a. In carrying out its duties as the Escrow Agent under this agreement, including any claims for taxes that any of the Parties may be required to pay and/or any fees or charges incurred by it from any third parties in relation to the transactions herein

b. As a result of (Website Name) depending on any document, demand, notice, instruction, or correspondence that is signed, called, or authorized by a Party

c. In carrying out the terms of the aforementioned ATS, the Terms of Services, or any directives it receives from the Parties under the terms of this agreement; and/or

d. As a result of any misstatement or violation by any Party

This clause's indemnities will remain in effect even if the agreement with (Website Name) is terminated.

TERMINATION AND REGISTRATION

a. These Terms of Service shall remain in full force and effect until the said ATS is canceled or terminated in line with the said ATS, subject to (Website Name)'s right to resign. (Website Name) reserves the right to announce its intention to step down as an escrow agent at any moment. (Website Name) may fulfill its obligations under the aforementioned ATS, Terms of Services, and Terms of Services by remitting/depositing the Escrow-Funds in the source account designated by the User(s). (Website Name) will then be released from all duties, liabilities, and obligations regarding the transaction contemplated under the said ATS if, within 10 (ten) days of such notice, (Website Name) has not received any notice from the Parties involved in a transaction that they have designated a substitute Escrow Agent (which notice shall identify the substitute Escrow Agent).

b. The Parties' right to utilize the Facilitation Services may be suspended or terminated by (Website Name) at any time, without prior notice, and for any reason at all, at (Website Name)'s sole discretion. (Website Name) will make an effort to notify User(s) in advance of the suspension or termination of the Facilitation Services by sending the Parties an email, but (Website Name) is not required to do so, unless there is a risk to the security, privacy, or integrity of the Facilitation Services. Every Party who uses the Facilitation Services or initiates transactions through the Website is nonetheless responsible for those transactions. Each Party hereto, (Website Name), and their legal heirs, successors, and allowed assignee shall be bound by these Terms of Service and the transactions contemplated hereunder. No person other than the parties hereto shall have the benefit of any rights or remedies under the Terms of Services.

ASSIGNMENT

Without (Website Name)'s prior written authorization, the Parties agree not to assign or transfer any of their rights, benefits, or responsibilities under this agreement. But without getting any permission or approval from any of the Parties, (Website Name) may assign or transfer all or some of its rights, advantages, and responsibilities under this agreement to any other escrow agent, bank, investment institution, or other individual at any time.

GARNISHMENT ACKNOWLEDGEMENT

If a creditor or any other third party attempts to seize money from your escrow account, (Website Name) will notify the user(s). Users specifically recognize and agree that (Website Name) will respond to the garnishment and follow any court-issued writ in compliance with the relevant federal and state regulations. Moreover, Users specifically recognize and accept that (Website Name) will not be in charge of contesting or bringing up a defense against the garnishment on User's behalf. In particular, User(s) undertake to hold (Website Name) harmless and indemnify it against any loss, responsibility, obligation, damage, cost, or expense arising from an attempt by a creditor to attach User(s) property or to hold (Website Name) accountable for any judgment rendered against User(s).

MODIFICATION

These Terms of Service, or any part of them, may be modified, altered, and revised at any time without previous notice by (Website Name). Every time a User logs into the Website or makes a request for any Facilitation Services, it will be considered a confirmation that the User(s) have read, comprehended, and agreed to the Terms of Services, as may be amended from time to time. The Republic of India's laws govern and shall be interpreted in line with these Terms of Service, the transactions envisaged herein, and the rights and duties of the Parties and (Website Name).

MISCELLANEOUS WARRANTIES AND REPRESENTATIONS

By signing the aforementioned EAAA, depositing funds into the Escrow Account, and/or using the Facilitation Services, the User(s) consent to be considered as having accepted these Terms of Service and as having represented and warranted:

That the user or users are natural persons who are at least eighteen years old, of sound mind, and capable of signing contracts or other legal agreements.
That the User and Merchant will hold and keep (Website Name), its promoters, directors, employees, officials, agents, subsidiaries, affiliates, and representatives harmless from any liabilities arising in connection with any incidental or intentional discrepancy that is found to be there in the documents submitted by such User/Merchant; that all information and documents pertaining to identity and address proof, as submitted for the purpose of know your client (KYC) verification with (Website Name) are true and genuine and are not fabricated or doctored in any way.
That the User/Merchant shall bear all sole responsibility for comprehending and abiding by any and all applicable laws that are pertinent to them and their businesses, and that the User/Merchant shall bear all liability—financial or otherwise—resulting from any failure to comply with such applicable laws.
That the User/Merchant has taken all necessary steps to ensure the validity, enforceability, and performance of their respective obligations and duties under these terms and conditions, and that they have obtained all necessary consents, licenses, and approvals (including from government and regulatory authorities), the necessary power, authority, and legal right to agree to these terms and conditions.
That the user(s) or merchant(s) consents to and promises to abide by the terms and conditions of this agreement, as well as any other terms and conditions governing the provision of services from the Escrow Bank, Trustee Companies, Payment Gateways, and any other vendor or (Website Name) service provider.
That the aforementioned Terms of Service are a legitimate, enforceable contract that the Parties may enforce in compliance with relevant legal requirements.
That they will not, in any way, violate any law, rule, regulation, or order of governing authorities, or any judgment, decree, or order of any court, judicial, or quasi-judicial authority having jurisdiction or control over the Parties, in the execution and performance of their obligations and duties under these Terms of Services and any other agreement or document relating hereto.
That (Website Name)'s involvement will be restricted to the tasks clearly outlined in this agreement or as (Website Name) specifically notifies the Parties in compliance with its requirements.
That in no way shall the Parties represent or imply that (Website Name) or any partner Bank, trustee, payment gateway, vendor, or service provider of (Website Name) is a party to any agreement entered into or understood to have been entered into between the Parties, either directly or through an agent, representative, or consultant they have appointed.
That there is no interest paid on the escrow funds. Nonetheless, (Website Name) retains the right, at its sole discretion, to use the escrow funds for secured government securities or fixed deposits with the escrow bank (with a lien attached to the escrow account). of India or any State Government. The only beneficiary of any interest or revenue resulting from such an event shall be (Website Name).
That there is no insurance on the escrow funds.
That in the regular course of business, (Website Name) may transact any business with its partner bank, trustee, payment gateway, vendor, or service provider. (Website Name) is not required to provide any information about these transactions to any of the Parties.
That each of the Parties shall, at any time and from time to time, upon the request of the other Parties and/or (Website Name), execute and deliver, or permit the execution and delivery of, all such instruments and documents as (Website Name) may deem necessary in order for the Parties to fully benefit from these Terms of Service, and shall do so promptly and duly.
If (Website Name) is unable to carry out any act or take any action during the Business Day due to the terms stated above, then said act or action will be carried out promptly on the next Business Day.
That notwithstanding anything to the contrary in this agreement, (Website Name) shall take all reasonable steps to comply with all applicable laws and may abstain from acting in a way that would, in its judgment, violate any legislation in the relevant jurisdiction.
That the terms of these terms of service will take precedence over any other mandate, writings, letters, or documents in the event of any inconsistency.
The remaining provisions of these Terms of Service will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision, provided that any provision(s) of these Terms of Service are found to be illegal, invalid, or unenforceable under any current or future law. Such provision(s) shall be deemed severable, and these Terms of Service will be construed and enforced as if such illegal, invalid, or unenforceable provision had never been a part of these Terms of Service.