What is an Inspection Period, when does it start, and how long does it last?
What is an Inspection Period?
The Inspection Period is the specified length of time agreed upon by both parties in which the Buyer may examine the merchandise or services after receipt. The Buyer has the option to “Accept” or “Reject” the goods within this period. The Inspection Period should not include transit time for shipping or transferal of the merchandise or service.
How long is the Inspection Period?
Inspection Periods are 1 - 30 calendar days and must be agreed upon by all parties at the initiation of the transaction. Buyers and Sellers should ascertain the Inspection Period provides adequate time for any authentication and/or appraisal process required to complete the transaction.
Start of Inspection Period
The Inspection Period begins when the Buyer marks the merchandise or service as “Received” or when Escrow.com verifies or receives confirmation that the merchandise, domain, or service has been delivered.
End of Inspection Period
The Inspection Period ends when the Buyer either Accepts the merchandise, Rejects the merchandise, or the Inspection Period expires:
- If the Buyer notes in Escrow.com that they accept the merchandise or service prior to the end of the Inspection Period, this action will end the Inspection Period, and Escrow.com will release the funds to the Seller.
- If the Buyer rejects the merchandise or service, they must do so prior to the conclusion of the Inspection Period. Once the Buyer rejects the merchandise or service, the Inspection Period will end. The Buyer will be expected to return the merchandise, and the Buyer will have 10 calendar days to confirm shipment of the returned merchandise. Afterwards, the Seller will be provided a 5-day Inspection Period to examine the returned merchandise.
- If the Buyer does not take any action within the Inspection Period, at the end of the agreed-upon Inspection Period, Escrow.com will release the funds to the Seller.
24 Hour Notice
In the event the transaction closes without involvement from the Buyer, a 24-hour notice will be sent to the Buyer to give them an additional 24 hours to notify Escrow.com of any issues with the products and/or services. If we do not hear from the Buyer within 24 hours of the notice, Escrow.com will then release the funds to the Seller at the end of the 24-hour period.
To read more about the Inspection Period, click here.
To read more information about the Buyer Rejection Process see General Escrow Instructions Section 5.
If you have additional questions or concerns, please contact our customer support department via email at email@example.com or chat support when they are online.