Escrow Agreement Terms

1. Escrow Services Overview

Vescur provides escrow services powered by Razorpay to hold funds securely until both parties confirm completion of agreed-upon work or milestones. By using our escrow services, you agree to the terms outlined in this agreement and Razorpay's payment gateway terms.

2. Role as Escrow Agent

2.1 Limited Role

Vescur acts solely as a neutral escrow agent holding funds on behalf of parties. We are NOT responsible for the underlying transaction, work quality, or any disputes regarding the goods or services provided.

2.2 No Obligation to Verify

Vescur has NO obligation to verify the quality, completeness, or legality of services provided or to mediate between parties beyond our dispute resolution process.

3. Deposit and Holding of Funds

3.1 Payment Processing via Razorpay

When a client initiates payment for a project milestone, funds are processed through Razorpay's secure payment gateway and held in escrow by Vescur until release conditions are met. Razorpay handles all payment processing, including card payments, UPI, net banking, and other payment methods supported by their platform.

3.2 Segregation of Funds

Escrowed funds are processed and held through Razorpay's infrastructure, which maintains separate escrow accounts as per RBI (Reserve Bank of India) guidelines. Funds may be pooled in Razorpay's escrow account for operational efficiency while maintaining proper accounting segregation.

3.3 No Interest

Funds held in escrow DO NOT earn interest. Any interest earned on pooled escrow accounts accrues to Vescur to offset administrative costs.

4. Release of Funds

4.1 Dual Approval Required

Funds will be released to the freelancer ONLY when BOTH parties (client and freelancer) confirm that the milestone has been completed satisfactorily. This dual approval requirement protects both parties.

4.2 Automatic Release Period

If the client does not respond within 14 days after the freelancer marks a milestone as complete, the funds may be automatically released to the freelancer, provided no dispute has been raised.

4.3 Disputed Transactions

If either party disputes the milestone completion, funds remain in escrow until the dispute is resolved through our dispute resolution process or by mutual agreement.

5. Dispute Resolution and Escrow Holds

5.1 Dispute Initiation

Either party may initiate a dispute through the Platform if they believe the work does not meet the agreed specifications or if payment terms are not being honored.

5.2 Review Process

Upon dispute initiation, Vescur will review evidence provided by both parties, including project agreements, communications, deliverables, and other relevant documentation.

5.3 Final Determination

Vescur will make a final determination regarding the disposition of escrowed funds based on the evidence provided. This determination is BINDING on both parties and FINAL.

5.4 Timeframe

Dispute resolution typically takes 5-30 business days. Complex disputes may take longer. Vescur is not liable for any delays in dispute resolution.

5.5 Maximum Hold Period

Funds may be held in escrow for up to 180 days for disputed transactions. After this period, if no resolution is reached and both parties are unresponsive, funds may be returned to the client minus applicable fees.

6. Fees and Costs

6.1 Escrow and Payment Processing Fees

Vescur charges transaction fees for escrow services, which include Razorpay's payment processing fees, platform usage fees, and administrative costs. All fees are displayed transparently before transaction confirmation and comply with Razorpay's pricing structure.

6.2 Non-Refundable Fees

Platform fees are NON-REFUNDABLE, even if a transaction is canceled, refunded, or disputed. Fees cover administrative costs, payment processing, and infrastructure.

6.3 Chargeback Fees

If a chargeback is initiated through a payment provider, a chargeback fee will be charged to the party initiating the chargeback, and account access may be suspended.

7. Refunds and Returns

7.1 Refund to Client

Funds may be refunded to the client through Razorpay's refund system if both parties mutually agree to cancel the project or if Vescur determines through dispute resolution that the work was not delivered as agreed. Refunds are subject to Razorpay's refund processing policies and timelines.

7.2 Partial Refunds

In cases of partial work completion, Vescur may authorize partial payment to the freelancer and partial refund to the client based on evidence of work completed.

7.3 Refund Processing Time

Refunds are initiated through Razorpay within 5-10 business days after authorization. Actual receipt of funds depends on Razorpay's processing times and your bank's policies, which may take 5-10 additional business days.

8. Limitations and Disclaimers

IMPORTANT: PLEASE READ CAREFULLY

8.1 No Guarantee of Performance

VESCUR DOES NOT GUARANTEE that freelancers will complete work as promised or that clients will provide accurate requirements. We are solely an escrow holder and technology platform.

8.2 No Liability for Losses

VESCUR IS NOT LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR SPECIAL DAMAGES resulting from disputes, delayed payments, or escrow holds, including lost profits, business interruption, or opportunity costs.

8.3 Force Majeure

Vescur is not liable for failures or delays in fund release caused by circumstances beyond our reasonable control, including but not limited to payment processor outages, bank holidays, technical failures, or regulatory actions.

9. Account Suspension for Disputed Transactions

Accounts involved in disputed transactions may be temporarily suspended until resolution. Users may not withdraw funds or initiate new transactions while a dispute is pending.

10. Compliance and Anti-Money Laundering

Vescur and Razorpay comply with anti-money laundering (AML) regulations, Reserve Bank of India (RBI) guidelines, and Payment and Settlement Systems Act. We may freeze or report suspicious transactions to appropriate authorities. Users must provide accurate KYC information as per RBI norms and may not use the Platform for illegal activities.

11. Modifications to Escrow Terms

Vescur reserves the right to modify these escrow terms at any time. Changes will be communicated to users via email or Platform notification. Continued use of escrow services constitutes acceptance of modified terms.

12. Contact Information

For escrow-related questions or disputes, contact us at:

Email: admin@vokarstep.com
Platform: Vescur