Escrow Account Terms of Service
Donate for Education. Crowdfunding Platform for Education with Escrow Payments.
ESCROW ACCOUNT TERMS OF SERVICE
- This Escrow Account Terms of Service ("Agreement") contains the terms, conditions, and disclosures that apply to your escrow account ("Account"). By agreeing to this Agreement or using your Account, Donor and Donee (as the user of the donation program provider), agree that this Agreement shall apply; and that Donor, Donee and the donation program provider agree to abide by all of the terms and conditions set forth herein, The words, "I", "me", "mine", "my", "you" and "your" "Donor" "Donee" mean Donor/ Donee/ User of donation program provider and any other party who is authorized to use your Account.
EduHelp, Donor and Donee understand, acknowledge and agree that Escrowpay is only a facilitator acting on the instructions and authorizations of the Parties hereto, and therefore, notwithstanding anything contrary contained herein or in the Terms of Service, the Parties (i) shall not make and claim or demand, of any nature whatsoever, and (ii) shall not hold Escrowpay liable for any liability, losses, damages, claims, demands, costs, expenses, (including legal fees, court fees and professional fees), suits and claims arising out of this Agreement or the services provided by Escrowpay through its Website, in any manner whatsoever. EduHelp Donor and Donee also understand, acknowledge and agree that Escrowpay shall not be liable for indirect or consequential loss or damage, or special or punitive or exemplary damages, or loss of profit, business and revenue to Donor or Donee and/or EduHelp. Further, EduHelp and You agree that Escrowpay is deemed to be purely an agent under good and services (GST Act) for the purpose of any remittance made by Escrowpay through the escrow account save and except the deduction of its escrow fee.
Donor, Donee and EduHelp hereby assure, represent and covenant to Escrowpay that they have full power to validly execute and deliver this Agreement and the execution, delivery and performance of this Agreement does not constitute a breach or default of any of the terms, conditions or provisions of any agreement, obligation, commitment or other instrument the Parties have executed or by which the Parties are bound or violate any of the terms and provisions of applicable laws, any judgment, decree or order applicable to it.
- Passwords: You will set up your account password (your "Password") that will enable you to access your Account via the Internet.
- Telephonic / Electronic Communications: Donor, Donee and EduHelp authorize Escrowpay to accept and act upon any instruction received from them or authorized by them under this Agreement concerning the Account, where they have communicated that instruction or authorization by telephone, email or other electronic means using a telephone keypad or computer. Use of your Password or any other form of identification designated by them in any transaction constitutes and will be accepted as their electronic signature, as per applicable laws. Donor, Donee and EduHelp consent to receive communications or messages from Escrowpay (including transactional, promotional and/or commercial) overriding any CANSPAM, NDNC, DND guidelines.
- Authorizing and Initiating Transactions: In this Agreement the Donor authorizes certain transactions involving the Account. Unless the Donor directs otherwise in writing, Escrowpay shall also act upon those instructions that Donor has conveyed to EduHelp and such instructions may be acted on without further confirmation. All deposits to the Account will be authorized and initiated by the Donor but all disbursements from the Account will be authorized and initiated pursuant to instructions given by EduHelp and provided it contains sufficient funds to cover the amount of the disbursement. However, neither Escrowpay, nor any service provider to Escrowpay shall be responsible for determining when a payment is actually due, nor shall they be responsible for determining whether a payment is for the correct amount or otherwise proper.
The Parties hereby represent and warrant that Donor will remit the amount of donation(s) towards a particular Project/ Donee, including charges if any, hereinafter collectively referred to as "Escrow-Funds" into the Escrow Account ("Account") within thirty (30) days of the acceptance of this Agreement. The Escrowpay Fees shall be paid by the Donee. The Parties also agree that upon remittance of Escrow-Funds by the Donor for a Project/ Donee into the Escrow Account, EduHelp shall upload all the relevant documents on your behalf in respect of your donation program, on the Website. Donor and Donee irrevocably agree and authorize EduHelp to issue remittance instructions on their behalf for transfer of funds to Donee, EduHelp and Escrowpay by uploading a "Release Letter" on the Website. EduHelp will be deemed to have taken approval or concurrence of the Donor in this regard. Escrowpay Fee shall be deducted from the Escrow-Funds agnostic of the outcome of the transaction.
Escrowpay's sole obligation in this regard will be to execute the payment instructions (provided by EduHelp) in a commercially reasonable manner as soon as practical after receipt of such instructions. Escrowpay shall not be responsible for any late payment fee, penalty or other charge levied by any beneficiary/ EduHelp, for any failure of any beneficiary/ EduHelp to accept a proposal or honor a settlement; or for any other adverse action taken by any beneficiary/ EduHelp or any other party. Escrowpay shall not be liable for any consequences or damages Donor or Donee may claim resulting from Escrowpay acting on your and/or EduHelp instructions.
- Fees and Charges: The "SCHEDULE OF FEES AND CHARGES" identifies the fees and charges Donor or Donee are obligated to pay Escrowpay in connection with this Agreement and the Account; and both agree that these fees and charges shall be deducted directly from the Account. The Parties expressly acknowledge that Escrowpay may increase the fees and charges associated with the Account at any time subject to a written notice of at least seven (07) days' prior to such increase. Escrowpay shall not be responsible for any other fees and/or charges that the Parties may incur in association with the donation program.
SCHEDULE OF FEES AND CHARGES
Amount in % or INR
Escrowpay Fee on amount Deposited by Donor (Payin)
a. For Net-banking and UPI – ₹ 30/- per transaction
b. For Debit Cards – 1.75% of the amount of transaction
c. For Credit Cards – 2.75% of the amount of transaction
Escrowpay Fee on amount paid to Donee (Payout)
1.25% of the amount of transaction
Taxes, as applicable on above charges are extra. Above list is indicative and not exhaustive. Charges are subject to revision at the sole discretion of Escrowpay.
- Termination of Agreement / Account Closure: Donor or Donee may terminate this Agreement and close the Account at any time by sending a written notice to Escrowpay. Post confirmation of your account closure request from EduHelp, Escrowpay will close the account. In addition, Escrowpay may, at its sole discretion, suspend, cancel or terminate this Agreement and your Account at any time without notice, for inactivity, or if your Program has been terminated or is no longer being managed by EduHelp, or if your Account is dormant or improperly used, or if you otherwise violate any provision of applicable laws.
Treatment of Funds in Escrow Account upon Cancellation:
Upon receipt/ uploading of cancellation / termination of this Agreement for any reason whatsoever and post deduction of Escrowpay fee, the Escrow-Funds shall be paid into the respective bank accounts as per the Release instructions provided to us by EduHelp.
- Statement of Account(s): Statement of Account (SOA) will be available online on the respective personal dashboard, and may be accessed using the login information and Password as provided by Escrowpay.
- Non-Interest Account: Your Account is a non-interest bearing Account.
- Unauthorized Transactions and Customer Responsibility: You should never share your Password(s) with anyone and should keep your Account information and papers in a secure place.
- Insurance: The funds in your Account are not insured.
- Incomplete Transactions: Neither Escrowpay nor any service provider to Escrowpay shall be liable for failing to complete a transaction due to insufficient funds in your Account; or if circumstances beyond their control prevent the completion of the transaction, including, without limitation, the acts or omissions of any NACH, check or other processor, the National Automated Clearing House Association, the Reserve Bank of India, any Trustee, any bank, or the directive of any regulatory authority.
- Error Resolution Procedures: In the event of potential errors or questions concerning specific transactions involving your Account, you must write to Escrowpay Customer Support no later than thirty (30) days after the transaction in question appears on your statement of account.
- Disputes: You understand, agree and hereby expressly acknowledge that Escrowpay is not a party to the Donation program, and does not participate in the selection of donations/ beneficiaries. This Agreement is separate and independent from any contractual obligations the Parties may have with EduHelp. Furthermore, you hereby expressly acknowledge that any representation, statement, or obligation made by EduHelp in connection with the donation program does not and cannot bind Escrowpay. Finally, you expressly acknowledge that Escrowpay shall not be liable for any actions taken by EduHelp in connection with the donation(s).
- Garnishment Acknowledgement: In the event that anyone moves to garnish funds in your Account,you expressly acknowledge that Escrowpay will answer the garnishment and comply with any writ issued by the Court in accordance with the applicable central / state laws. Furthermore, you expressly acknowledge that Escrowpay will not be responsible for challenging or raising a defense to the garnishment on behalf of Donor/ Donee or EduHelp. You specifically agree to indemnify and hold Escrowpay harmless from any loss, liability, obligation, damage, cost and expense resulting from anyone's attempt to garnish and/or hold Escrowpay liable for any judgment against you.
- Governing Law: This Agreement shall be governed by the laws of the Republic of India. If any part of this Agreement is declared void or unenforceable, such provision(s) shall be deemed severed from this Agreement, and the remainder of this Agreement shall remain in full force and effect. This Agreement may be modified to the extent necessary to give such force and effect to the remaining provisions. No delay or forbearance in the strict observance or performance of any provision of this Agreement, nor any failure to exercise a right or remedy hereunder, shall be construed as a waiver of such performance, right, or remedy, as the case may be.
- Limitation of Liability: Under no circumstances shall Escrowpay or its Directors, Employees, Vendors, Service providers etc. ever are liable for any special, incidental, consequential, exemplary or punitive damages. Moreover, under no circumstances shall Escrowpay ever be liable for the conduct or contractual obligations of a third party, including, but not limited to, Donor, Donee and/or EduHelp.
- Arbitration Of Dispute: In the event of any controversy between the parties, including, but not limited, to any claim, dispute, suit, demand, cross claim, counterclaim, or third party complaint arising out of or relating to this Agreement or its performance, breach, termination, enforcement, interpretation or validity, including the validity, scope or applicability of this provision to arbitrate, shall be determined by binding arbitration as per the Arbitration and Conciliation Act, 1996. The proceedings shall be conducted in English and the venue shall be at Gurugram, Haryana, India. The Parties agree that Courts at Gurugram alone shall adjudicate all disputes arising out of or in any way touching or concerning this Agreement.
- Prevention of Money Laundering Act Compliance: As required by the Prevention of Money Laundering Act 2002, You authorize Escrowpay to take reasonable and practical measures to verify the accuracy of the information you have provided in the application portion of this Agreement, as well as to verify your identity by, including and without limitation, securing or accessing your credit report, and/or obtaining any other information about you in order to assist in combating terrorism and preventing Escrowpay's system and the banking system from being used for money laundering or other impermissible, illegal purposes.
- English Language Governs: The terms of this Agreement and the products and services we provide are governed by the English language.
- Merger Clause: This Agreement contains the complete and final understanding between the parties. Any prior oral statements, representations, or agreements in connection with the Escrow Account of the Donor and/or Donee are superseded by this Agreement.
- Customer Support Information:
Correspondence Address: 210, Tower C, Pioneer Urban Square, Sector 62, Gurugram 122098, Haryana
Website Address: www.escrowpayindia.com
I/We, the abovementioned Donor and/or the Donee, declare that I/We have reviewed the legally binding terms and conditions of the Agreement. I/We, by clicking on the "I Accept" below and by use of the website and the Escrowpay account, do hereby agree to be bound by all of them.