Escrow Services

What is Escrow Service

Jupitice provide Escrow Services to its users to receive, hold, deliver & disburse payment for the sale and purchase of any services transacted on the Jupitice Marketplace. Jupitice provides escrow Services either by itself or through Third Party Escrow Services.

An escrow is a contractual arrangement in which a third party (Jupitice or its Authorized Third Party Escrow Service Provider) receives and disburses money for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, designed to protect Buyers and Sellers in a transaction. Under this, Jupitice or Third Party engaged by Jupitice will receive and hold payment until everyone fulfills their responsibilities in the transaction.

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Jupitice’s Escrow Services

If Buyer & Seller agrees to use Escrow Services provided by Jupitice on its own, that services will be free. However, the payment methods of Credit card and PayPal and other similar methods will incur a Payment Processing Fee and are subject to additional restrictions and the same shall be deducted from the payment as per the Service Contract between Buyer & Seller. Jupitice will keep the funds in the separate dedicated bank account for Escrow Services to receive and disburse the deposits in accordance with the Terms of Service Agreement. Jupitice, except for the purpose for which such funds are received and deposited in the dedicated bank account for Escrow Services, shall not use such funds in the Escrow Account for any other purpose. However, both Buyer & Seller shall not be entitled to any bank interest and other benefits, if any, associated with the funds and by Jupitice. Such services shall be governed by the Jupitice’s Terms & Conditions as contained in the Terms of Service.

Jupitice’s Authorized Escrow Service Provider

Under this, Jupitice may provide Escrow Services from the Third Party who shall be licensed & top rated to its Buyers & Sellers. Buyer & Seller will have to agree to use the Escrow Services of the Third Party engaged by Jupitice before the transaction. The Buyer & Seller shall further agree to pay Escrow Services fee and comply with the terms & conditions as prescribed by the Third Party. Such services shall be further governed by the Jupitice’s Terms & Conditions as contained in the Terms of Service.

How does Jupitice’s Escrow work?