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Escrow Obligations
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RHM warrants that all escrowed funds will be used solely for the purpose of escrow transactions
and not allocated to any other use, whatsoever, with no exceptions. Furthermore, all funds
escrowed by the buyer will be held in a dedicated separate account, maintained solely and exclusively
for RHM escrow accounts. This restriction will exist until funds are either awarded to the seller or
are refunded back to the buyer.
To further protect the buyer in the unlikely event that RHM declares bankruptcy,
RHM hereby grants the buyer the right to be refunded escrow funds, BEFORE any other
outstanding creditors are paid. Any bankruptcy reorganization filed by RHM that
does not follow this grant's priority, will not be allowed.
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Additional Agreements
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Some Purchasers and sellers may enter into additional agreements not covered by the site escrowing
agreement. These include (but are not limited to) penalty clauses
(ex: "Coder must deliver by x/xx/200x or they will owe Purchaser $1 for every day late"),
any agreements extending past the time of 100% work acceptance by the Purchaser
(ex. "Coder warranties work for a year and will fix any bugs in that time"),
or a Non Disclosure Agreement (NDA). Both Purchaser and seller understand and acknowledge
that these agreements are made directly between the Purchaser and the seller and
do not involve RHM. As such, RHM is not and will not be liable in any way whatsoever regarding such agreements,
including enforcing such agreements.
Should the Purchaser wish to create an agreement that extends past the time of 100%
work acceptance, but still receive protection via the site...RHM recommends
the following: creating a brand new and seperate bid request (apart from
the initial bid request) to allow the work to fall under a new escrowing
agreement (eg. 'Bug Fixation', 'salary'...) or filling the fields into the specific
agreement section (eg. New Project -> Agreement) which provide a possible
bonus or some percentage and specific dates to set, for instance a buyer
can make an agreement specifying a first date for sending the final
work along with the amount to be delivered and another percentage along
with another date which could be of a year. This allows funds to be released
only when the bid request (or milestone phase) is completed, and affords
the Purchaser protection via the site escrowing agreement.
Should the Purchaser utilize the NDA feature of the site and then subsequently wishes
to take action against the seller, RHM will provide all correspondence that it has
in its possession that occurred between the Purchaser and seller on the site, for
use by the Purchaser in such action.
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Deposit Guarantee And Agreement
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Purchaser may require a seller to place a 'Deposit' under the 'Deposit Guarantee'
feature of the site as a condition of accepting their bid. This is a good-faith deposit
placed by the seller to guarantee that the work will be completed. The deposit
is held in escrow by RHM, pending completion of the work.
Should the work be accepted by the Purchaser 100%, the deposit will be
returned to the Seller. Should it not be, then the Seller will forfeit
the deposit (or a pro-rated percentage of it...if only a percentage of work is completed).
Forfieted funds will be used to Offset the Purchaser's cancellation charge (if any). See the
dispute agreement for information on when a cancellation charge might apply.
If the Purchaser and Seller cannot come to agreement as to whether or not the work
was partially or wholly completed, either party can ask that the project be placed
into arbitration by a RHM arbitrator, who will determine exactly what was completed.
Both Purchaser and Seller agree to abide by the decision of the RHM arbitrator as final and binding.
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