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These Terms of Use ("Terms of Use" or "Agreement") shall serve as an agreement that
sets forth the terms and conditions which will govern your use and participation
in the transaction management and escrow services provided on and through
Escrow.com (the "Services"). By electing to utilize the Services you shall
have also indicated your acceptance of these Terms of Use and your intent and agreement
to be bound by them. If you are unwilling to agree to these Terms of Use, you shall
discontinue further use of the Services. If you agree to these Terms of Use, you
will be bound as follows:
1. Definitions. "Account" means (i) an account of a Buyer from which payment
for the Transaction and related fees will be obtained, (ii) an account of a Seller
to which payment for the Transaction and other payments will be credited, or (iii)
an account of a Broker to which payment for the Transaction and other payments will
be credited and/or related fees will be obtained. "Agreement" refers to this Agreement,
the then current operating rules contained on the Site and the Transaction Escrow
Instructions. "Transaction Detail Screens" means those screens on the Site where
Users provide all requested information in connection with a Transaction. "Escrow
Instructions" or "General Instructions" means the document on the Site that contains
the terms agreed upon on the Transaction Detail Screens, as well as the other terms
and conditions of the escrow transaction including these Terms of Use. "User" means
Buyer(s), Seller(s), and Broker(s) participating in a Transaction. "Site" refers
to the website for the Services which can be found at www.Escrow.com.
Capitalized terms not defined herein shall have the same meaning as set forth in
the General Escrow Instructions.
2. Description of the Service. The Services are Internet-based transaction
management services performed by Escrow.com
and escrow services provided by Internet Escrow Services, Inc., a California corporation
“IES,” acts as escrow agent in a Transaction, which Services are intended to facilitate
the completion of the underlying transaction under the terms of this Agreement,
the Site and the applicable Transaction Escrow Instructions.
3. Limits on the Services. The Services are only available for lawful items
and items not otherwise excluded by Section 4 below. Limitations on the Services
may apply and can be found on the Site or in the
General Escrow Instructions or Transaction Escrow Instructions. Only registered
Users may use the Services. In order to register, you must supply all information
required on the Site. Applicable state or federal laws and regulations may further
limit the Services.
4. Prohibited Transactions. Users shall not utilize the Site or the Services
in connection with any Transaction that is illegal or involves any illegal items,
or is for any illegal purpose; involves any obscene material; involves any munitions
or firearm; involves pirated software, DVD or videos or item(s) otherwise infringing
copyrighted works; involves illegal drugs or controlled substances; involves real
property or any interest in real property, the sale or transfer of liquor licenses,
the sale of a business (bulk sale), the transfer of title to a business entity,
fund or joint control escrows, mobile homes or manufactured homes or the refinancing
of either, reservation deposits of any kind, or promissory notes, mortgages or deeds
of trust. In addition, Escrow.com, in its sole
discretion, may refuse to complete any Transaction that
Escrow.com has reason to believe is unauthorized or made by someone other
than you, may violate any law, rule or regulation, or if
Escrow.com has reasonable cause not to honor it. Each User agrees to indemnify
and hold Escrow.com harmless for losses resulting
from any use or attempted use of the Services in violation of this Agreement.
5. Rejection of Payment. Since the use of a bank account, credit card or
debit card account, or the making of an electronic funds transfer may be limited
by your agreement with your financial institution and/or by applicable law,
Escrow.com is not liable to any User if Escrow.com
does not complete a Transaction as a result of any such limit, or if a financial
institution fails to honor any credit or debit to or from an Account.
Escrow.com may post operating rules related to payment on the Site and change
such rules from time to time.
6. General Conditions of Use. If you arrive at the Site through entities
linked and/or integrated with Escrow.com or
otherwise by or through a third party (e.g., an auction, exchange, or Internet-based
intermediary that hosts electronic marketplaces and mediates transactions among
businesses), then you authorize such third party to transfer relevant data to Escrow.com to facilitate the Transaction.
You represent and warrant that all information you provide to
Escrow.com or to such third party will be true, accurate and complete. The
party entering into this Agreement on behalf of any User represents and warrants
that he/she is authorized to do so and to bind the User and is a natural person
of at least eighteen (18) years of age. In order to initiate and commence a Transaction,
all Users to a Transaction must register at the Site, agree to all terms in the
General Escrow Instructions
and agree to the Transaction Escrow Instructions.
7. Obligations of Sellers. On the Transaction Detail Screens, each Seller
to a Transaction must designate an Account to which payment for the Transaction
will be made. Each Seller authorizes IES and its authorized agents to initiate credit
entries to such Seller's Account for payment of the purchase price, or applicable
balance due, and to debit Seller's Account to discharge Seller's obligations. Each
Seller in a Transaction shall deliver the items set forth in Transaction Detail
Screens directly to the Buyer (or Buyers), at the address specified by such Buyer
as shown on the Escrow.com website and on the
terms and conditions set forth in the Transaction Escrow Instructions and
General Escrow Instructions. Seller shall use a delivery service that provides
a confirmation of delivery and Seller shall provide
Escrow.com with a tracking or reference number for the shipment of the goods.
Seller gives Escrow.com permission to act as
its agent in communicating with the shipping company regarding the notice of the
delivery of the goods. In the event Escrow.com
does not receive notice of shipment from Seller within ten (10) calendar days of
notification from Escrow.com's notice to Seller
to ship the items, Seller authorizes Escrow.com
to return the escrowed funds (excluding Escrow.com
fees) to Buyer. In the event of a return of the items by Buyer, Seller shall notify
Escrow.com of the receipt of the returned items.
Upon receipt of such notice from Seller, the Seller's five (5) day inspection period
shall commence. In the event Seller accepts the returned items within the inspection
period or fails to act within the inspection period,
Escrow.com shall remit the escrowed funds (excluding
Escrow.com fees) to Buyer. If Seller notifies Escrow.com
of its non-acceptance of any returned items within the Seller's inspection period,
then Escrow.com will retain the escrow funds
pending resolution of the dispute or take other action as authorized. Notwithstanding
anything to the contrary above, if all Users to a Transaction agree on the Transaction
Detail Screens that there is no shipping required, then no party hereto will have
any obligation under this Agreement with respect to shipping.
8. Obligations of Buyers. On the Transaction Detail Screens, Buyer must designate
a payment mechanism and an Account from which the purchase price and related fees
(unless such fees are to be paid by Seller) will be obtained for the deposit into
escrow. Depending on the amount of the Transaction and the currency selected for
the Transaction, Buyer may remit the necessary funds via various methods, which
may include corporate credit card, charge card, debit card or purchasing card, check
(cheque), cashier's check, money order, or wire transfer. In the case of wire transfers,
Buyer will initiate the wire to an account designated by
Escrow.com on or before the date set forth in the Transaction Detail Screens.
Regardless of the payment method, Buyer authorizes
Escrow.com and Escrow.com authorized
agents to initiate credit or debit transactions, as applicable, to obtain the purchase
price and fees due for a Transaction and to initiate any debit or credit entries
or reversals, as the case may be, as may be necessary to correct any error in a
payment or transfer and to discharge Buyer's obligations under Section 22 of this
Agreement. Escrow.com will deposit funds received
from Buyer into an escrow trust account maintained by
Escrow.com (the "Escrow Account"). Unless otherwise requested as specified
in the following sentence, escrowed deposits do not earn interest for Buyer or Seller.
If you anticipate an extended closing of the Transaction, then you may request and
approve an instruction to have Escrow.com place
Buyer's funds into an interest bearing account for the benefit of Buyer or Seller.
If interest is to accrue to the benefit of the Seller, then both Buyer and Seller
must request and approve the establishment of the interest bearing account. If this
request is made, then Escrow.com will charge
the account of the party to whom the interest accrues an additional nonrefundable
service charge of $100.00, which must be paid in advance.
Buyer shall notify Escrow.com of the receipt
or non-receipt of the items on the date the merchandise is received or the Buyer
Inspection Period is started. Buyer shall notify Escrow.com
of the Buyer's acceptance or rejection of the items before the Buyer's Inspection
Period expires. Upon receipt of notice from Buyer that the items have been received
and accepted, Escrow.com shall transfer the
payment amount (less any amount payable to Escrow.com
for Escrow.com fees) to Seller's Account. Transfer
to a Seller generally will be initiated within the next business day from the day
on which notice of acceptance of the items is received from the Buyer. If Buyer
has not notified Escrow.com of the non-receipt
or rejection of the items during the Buyer's Inspection Period, then Buyer authorizes
Escrow.com to remit the escrowed funds (excluding
Escrow.com fees) to the Seller. Buyer shall
follow the procedures set forth on the Site in the event the items are rejected.
9. Obligations of Brokers. On the Transaction Detail Screens, each Broker
to a Transaction must designate an Account to which the Broker Fee payment will
be made. Each Broker authorizes IES and its authorized agents to initiate credit
entries to such Broker's Account for payment of the Broker's commission, and to
debit Broker's account to discharge Broker's obligations. Each Broker in a Transaction
shall provide Buyer email, Seller email, and Transaction details including purchase
price, merchandise description, inspection period and which party is responsible
for the Broker and Escrow fees.
10. Our Responsibilities. Escrow.com
is obligated to perform only those duties expressly described in this Agreement
and the General Escrow
Instructions. Escrow.com shall not
be liable for any error in judgment, for any act taken or not taken, or for any
mistake of fact or law, except for gross negligence or willful misconduct (subject
to the limitations in Section 17 below). Escrow.com
may rely upon any notice, demand, request, letter, certificate, agreement or any
other document which purports to have been transmitted or signed by or on behalf
of a User indicated as the sender or signatory thereof and shall have no duty to
make any inquiry or investigation. In the event that
Escrow.com is uncertain as to Escrow.com
duties or rights under this Agreement, receives any instruction, demand or notice
from any User or financial institution which, in Escrow.com's
opinion, is in conflict with any of the provisions of this Agreement, or any dispute
arises with respect to this Agreement or the Escrowed Funds,
Escrow.com may (i) consult with counsel of our choice (including our own
attorneys) and any actions taken or not taken based upon advice of counsel shall
be deemed consented to by you, or (ii) refrain from taking any action other than
to retain the funds in escrow for delivery in accordance with the written agreement
of the Users, the final decision or award of an arbitrator pursuant to an arbitration
commenced and conducted in accordance with the
General Escrow Instructions or a final, non-appealable judgment of a court
of competent jurisdiction, or (iii) discharge our duties under this Agreement by
depositing all funds by interpleader action with a court of competent jurisdiction
in accordance with the procedures outlined in the
General Escrow Instructions.
Escrow.com may, at any time, give notice of
Escrow.com's intent to resign as Escrow Agent.
If, within ten (10) days of such notice, Escrow.com
has not received notice from all Users in a Transaction that they have designated
a substitute escrow agent (which notice shall identify the substitute escrow agent),
Escrow.com may discharge
Escrow.com duties under this Agreement by depositing all escrowed funds
with a court of competent jurisdiction. If an alternate Escrow Agent is so designated,
Escrow.com shall be discharged from
Escrow.com duties under this Agreement, the General Escrow Instructions
and the Transaction Escrow Instructions by delivering all escrowed funds to such
person or entity. Upon payment of the escrow funds pursuant to this Agreement, Escrow.com shall be fully released from any
and all liability and obligations with respect to the escrow funds and the Transaction.
11. Canceling a Transaction. If a Transaction cannot be completed for any
reason, including cancellation by Escrow.com
for any reason, Escrow.com will notify each
User in such Transaction by e-mail, to the e-mail address each has provided to Escrow.com. In Escrow.com's
sole discretion, Escrow.com may cancel any
Transaction if each User to a Transaction fails to agree on the terms as required
in the Transaction Details Screens by clicking the "Agree" button as requested on
the Site. You may cancel a Transaction as provided in this Agreement, on the
General Escrow Instructions or in the Transaction Escrow Instructions.
12. Questions about the Services. You may inquire about payments made through
the Service by calling the toll-free number that appears on the Site or by filling
out the customer service form. If you believe an error has been made or there has
been any unauthorized use of your Account or the Services, you agree to call or
send an e-mail as soon as possible, but no later than forty-eight hours after you
became aware of an error. When you contact Escrow.com,
please be prepared to provide your name, Escrow.com
reference number and your email address you have registered on the
Escrow.com site.
13. Statements, Verification. You agree that all disclosures and communications
regarding this Agreement and the Service shall be made by e-mail or on the Site,
unless the parties make other arrangements as set forth in the
General Escrow Instructions.
14. Digital Identification. You understand and agree that
Escrow.com will create, issue, and verify a digital identification (a "Digital
ID") for each User. This Digital ID is attached to each accepted electronic document
and notification e-mails. You agree that your Digital ID is a valid "Electronic
Signature." Please review the
General Escrow Instructions for more information about
Escrow.com's use of the Digital ID.
15. Fees. Unless otherwise agreed upon by each User in the Transaction, Buyer
agrees to pay the fees for the Services that are disclosed on the Site at the time
the completed Transaction Escrow Instructions are agreed to by all such Users, as
well as any other fees, including, without limitation, third party service fees
(e.g., shipping, appraisal, inspection, etc.). Once paid,
Escrow.com fees are nonrefundable. Escrow.com
fees may change from time to time in Escrow.com's
absolute and sole discretion. Escrow.com is
not responsible for payment of any sales, use, personal property or other governmental
tax or levy imposed on any items purchased or sold through the Services or otherwise
arising from the Transaction.
16. Security. Escrow.com uses secure
sockets layer ("SSL"), a security protocol that provides data encryption, server
authentication, and message integrity for connections to the Internet to ensure
that the data you provide Escrow.com is not
transmitted over the Internet unencrypted and cannot be viewed by unauthorized individuals.
Escrow.com has also implemented a security
system requiring a user ID and a password to access your transactions on the Site.
You agree not to give your password to any other person or entity and to protect
it from being used or discovered by anyone else.
17. Disclaimers. You expressly agree that your use of the Services is at
your sole risk. The Services are provided on a strictly "as is" and "as available"
basis. Escrow.com MAKES NO WARRANTY WITH REGARD
TO THE UNDERLYING TRANSACTION, ANY ITEMS OBTAINED BY YOU THROUGH THE USE OF THE
SITE OR THE SERVICES, THAT THE SERVICES WILL MEET YOUR REQUIREMENTS, OR THAT THE
SERVICES OR THE SITE WILL BE UNINTERRUPTED, TIMELY, OR ERROR FREE.
Escrow.com expressly disclaims any and all
express and implied warranties, including, but not limited to, the implied warranties
of merchantability, fitness for a particular purpose and non-infringement.
Escrow.com shall not be liable or responsible for those guarantees, warranties
and representations, if any, offered by any Seller of items. No advice or information,
whether oral or written, obtained by you from Escrow.com
or through the Services shall create any warranty not expressly made herein.
You acknowledge and agree that Escrow.com does
not endorse the website of any third party, or assume responsibility or liability
for the accuracy of any material contained therein, or any infringement of third
party intellectual property rights arising therefrom, or any fraud or other crime
facilitated thereby. In no event will Escrow.com
be liable for any act or omission of any third party, including, but not limited
to, your financial institution, any payment system, any third party service provider,
any provider of telecommunications services, Internet access or computer equipment
or software, any mail or delivery service or any payment or clearing house system
or for any circumstances beyond Escrow.com's
control (including but not limited to, fire, flood or other natural disaster, war,
riot, strike, terrorism, act of civil or military authority, equipment failure,
computer virus, infiltration or hacking by a third party, or failure or interruption
of electrical, telecommunications or other utility services).
18. Limitation of Liability. TO THE EXTENT PERMITTED BY APPLICABLE LAW,
NEITHER Escrow.com NOR ITS AFFILIATES, SHALL
BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL,
RELATING TO YOUR USE OF THE SITE OR THE SERVICES OR YOUR INABILITY TO USE THE SITE
OR THE SERVICES.
19. Termination of Services. Escrow.com
may suspend or terminate your use of the Services at any time, without notice for
any reason, in Escrow.com's sole discretion.
Except as warranted by risk to the security, privacy or integrity of the Services,
Escrow.com will attempt to provide you with
prior notice of the suspension or termination of the Services by sending you an
e-mail, but Escrow.com is not obligated to
do so. You shall remain liable for all Transactions you initiate through the Services
prior to such termination, and the performance of your obligations, including but
not limited to, the delivery of the items and the payment of all amounts you owe
prior to termination or discontinuation of your use of the Services. You agree to
pay all costs and expenses (including reasonable attorneys' fees) that
Escrow.com may incur in order to (a) collect any amounts you owe under this
Agreement, the General
Escrow Instructions, or the Transaction Escrow Instructions or (b) to initiate
an arbitration or judicial proceeding to resolve a dispute between Buyer and Seller,
as set forth in the General
Escrow Instructions.
20. Non-Transferability of the Services. You may not assign this Agreement
or the Escrow Instructions to any other person or entity. Your right to use the
Services shall not be sold or transferred to any other person or entity without
the prior written consent of Escrow.com. Escrow.com may assign this Agreement upon
notice to you. Any assignment or transfer in violation of this provision shall be
null and void.
21. Modifications. Escrow.com reserves
the right to change this Agreement, or any portion of it, at any time, without prior
notice, provided that no such change will apply to a Transaction once the Users
to such Transaction have agreed to the Transaction Escrow Instructions. You understand
that the most recent version of this Agreement will be located on the Site.
22. Notices. Notices from Escrow.com
to you will be given by e-mail, or by general posting on the Site. You may contact
Escrow.com by filling out the customer support
form or such other email address as Escrow.com
posts as its address for notice on the Site in the most recent version of the Terms
of Use
23. Indemnification. You agree to indemnify and hold
Escrow.com, Escrow.com affiliates and their respective officers, directors,
shareholders, employees and assigns, harmless from any claim, demand, expense or
damage, including reasonable attorneys' fees and court costs, arising from or relating
to your use of the Services or any violation of this Agreement, the rules contained
on the Site or the Transaction Escrow Instructions, including, without limitation,
payment of Escrow.com fees and any charge backs
from a card organization or reversal or nonpayment of any credit or debit entry.
24. Miscellaneous. In the event of any dispute, claim, question, or disagreement
arising from or relating to, this Agreement or to the Underlying Transaction, or
breach of any of them, you agree to resolve such dispute in the manner set forth
in the General Escrow
Instructions.
This Agreement shall be governed by the laws of the State of California. Any dispute
shall be resolved pursuant to the Dispute Resolution and Governing Law/Venue provisions
of the General Escrow
Instructions. This Agreement in conjunction with the General Escrow Instructions
and rules contained on the Site constitutes the entire agreement between
Escrow.com and you relating to the subject matter hereof and supersedes
all prior or contemporaneous understandings, agreements, communications and/or advertising
with respect to such subject matter. If there is a conflict between the terms and
conditions of this Agreement, the rules contained on the Site, and/or the General
Escrow Instructions, then the conflicting terms set forth in the General Escrow
Instructions shall control first, these Terms of Use shall control second and the
rules contained on the Site shall control third. The
General Escrow Instructions are incorporated herein by this reference.
Escrow.com's failure to exercise or enforce any right or provision of this Agreement
shall not constitute a waiver of such right or provision unless acknowledged and
agreed to by Escrow.com in writing.
If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any law or public policy, all other terms and provisions of
this Agreement shall nevertheless remain in full force and effect for so long as
the economic or legal substance of the transactions contemplated hereby is not affected
in any manner materially adverse to any party hereto.
Escrow.com may assign this Agreement to any
current or future affiliated company and to any successor in interest.
Escrow.com also may delegate certain of Escrow.com
rights and responsibilities under the Agreement to independent contractors or other
third parties.
If you are a registered User of the Site, then each time you request the Services
will constitute your agreement to these Terms of Use, as amended from time to time
in Escrow.com's sole discretion, and evidence
that you have read, understood and accepted the then applicable Terms of Use.
Revised May 3, 2012.
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