GENERAL VAULTXESCROW RULES
Effective Date: [15/05/2020]
VaultxEscrow General Escrow Instructions:
VaultxEscrow, a corporation registered in California ("VaultxEscrow") is the direct provider of escrow services and is licensed by the Department of Financial Protection and Innovation, State of California, License Number 933 2402, the Arizona Department of Financial Institutions EA 0918228, and the Idaho Department of Finance, License Number ESC-2140.
The following provisions shall be referred to as the "General Escrow Instructions." The parties hereto employ, authorize, and instruct VaultxEscrow to act as Escrow Holder and Escrow Agent in connection with the Transaction under the terms and conditions on the Transaction Detail Screens, these General Escrow Instructions, Terms of Using the Escrow Platform, and any supplemental Escrow Instructions (collectively, the "Transaction Escrow Instructions"). VaultxEscrow is hereinafter referred to as "VaultxEscrow," and intermittently as "we" or "us."
General Provisions
Transactions performed by a Buyer, Seller, and Broker on the VaultxEscrow platform shall be governed by the Uniform Electronic Transactions Act (Cal. Civil Code Section 1633.1 et. seq.) and the California Financial Code governing Escrow Regulations.
- Seller: A person or entity offering personal property for sale, desiring to use the VaultxEscrow platform to close such a sale.
- Buyer: A person or entity desiring to purchase personal property from the Seller using the VaultxEscrow platform.
- Broker: A person or entity acting as an intermediary to broker the sale of personal property using the VaultxEscrow platform.
A Transaction refers to the process of transferring personal property, and the Close of Escrow refers to the completion of the Transaction. The personal property involved may be referred to as "merchandise," "goods," "items," or "Escrowed Property." Funds deposited into Escrow will be referred to as "Escrow Funds."
Buyers, Sellers, and Brokers should log onto the VaultxEscrow platform regularly to confirm the status of the Transaction, including shipping, tracking, and/or the Closing.
The time for all matters and events in these Instructions will be determined by Pacific Time, and all communications shall be made in the English language.
A Business Day refers to working days from Monday to Friday between 8:00 a.m. and 4:00 p.m. Pacific Time, excluding legal holidays in Orange County, California.
Payments: Payments made by check shall be subject to a ten (10) Business Day hold. Payments made by credit card, debit card, PayPal, or ACH Debit may not be reflected immediately in the VaultxEscrow account.
1. Instructions and Deposit of Funds into Escrow
Once the Buyer, Seller, and Broker (if applicable) have agreed to the Transaction Detail Screens, and all parties have selected the "Agree" button, these instructions will become a binding agreement. The Transaction Detail Screens, General Escrow Instructions, and the Terms of Using the Escrow Platform together constitute the Transaction Escrow Instructions.
Any changes to the Transaction must be executed via Supplemental Escrow Instructions.
VaultxEscrow may accept instructions created and transmitted electronically, as provided under California Civil Code 1633.8.
VaultxEscrow implements a minimum amount of escrow transaction (escrow contract) valued at $1000 to ensure the transaction is cost-effective and covers operational expenses.
2. Domain Name(s)
In the event the Transaction involves a Domain Name, VaultxEscrow will close only when the transfer of the Domain Name is confirmed by VaultxEscrow or when the Buyer has accepted the transfer.
The Buyer must receive the transfer information, including username, password, or authorisation code, prior to the release of funds.
2.1 IPv4 Numbers
For Transactions involving IPv4 Numbers, both the Buyer and Seller must identify the Regional Internet Registries (RIRs) involved in the transfer.
The Buyer Inspection Period begins once the Buyer confirms receipt of the IPv4 Numbers or when vaultxescrow.com confirms the transfer.
3. Shipping and Tracking of Item
Upon confirmation of available funds, VaultxEscrow will notify the Seller to ship the merchandise. The Seller must ship the merchandise insured for full value, using a method that provides tracking information.
The Buyer Inspection Period will start when the Buyer acknowledges receipt of the merchandise or when the delivery is confirmed.
4. Buyer's Acceptance, Disbursement of Funds
During the Buyer Inspection Period, the Buyer can either accept or reject the goods by selecting the "Accept" or "Reject" button. If the Buyer does not take action, the merchandise will be deemed accepted.
Escrow funds will be disbursed according to the terms outlined in the Transaction Escrow Instructions.
5. Buyer Rejection Process
If the Buyer rejects the merchandise within the Inspection Period, the goods must be returned to the Seller within ten (10) calendar days. The Buyer will be responsible for shipping costs and potential damage if insurance is not purchased.
6. Shipping and Tracking of Returned Items
If the Buyer rejects an item as outlined in the agreement, the Buyer must promptly return the item(s) to the Seller at the address provided in the Seller’s profile. The Buyer is responsible for all associated shipping and insurance costs and must use a shipping method that includes online tracking capabilities. The Buyer must ensure proper declaration of the merchandise and its value for customs procedures.
Once the item is shipped back, the Buyer must immediately submit the shipping details through the VaultxEscrow platform, including the shipping company name and tracking number. Upon submission, the Seller will receive a notification with the provided tracking details. Failure to follow these guidelines may result in Escrowed funds being withheld until:
- The Seller confirms receipt of the item in its original condition, or
- A resolution is reached through the Dispute Resolution process outlined below.
- If no shipping is required to return the item, the shipping and tracking obligations will not apply.
- The Seller acknowledges receipt of the item,
- VaultxEscrow confirms delivery via tracking services,
- The Seller refuses delivery, or
- The Seller fails to collect the returned item after notification of availability for pick-up.
- The Seller has five (5) calendar days from the start of the inspection period to review the returned item(s).
7. Seller Acceptance or Rejection of Return and Fund Disbursement
The Seller must take action within five (5) calendar days of the inspection period by:
- Selecting the "Accept" button on the VaultxEscrow platform to confirm acceptance of the returned item, or
- Selecting the "Reject" button and providing appropriate reasons for rejection.
- If the Seller fails to take action within this period, the item will be deemed accepted.
Funds will be disbursed as follows:
- If the Buyer agreed to pay shipping fees, the purchase price minus shipping and escrow fees will be returned to the Buyer, while the Seller will receive the designated shipping fee.
- If the Seller agreed to pay shipping fees, the deposited amount minus escrow fees will be refunded to the Buyer.
- For transactions without shipping, shipping fees will not be deducted.
8. Cancellation
If the Seller fails to ship the item within the agreed timeframe (typically 10 days), the Buyer may request a refund. The escrow fee will still apply and be deducted from the refund. The Seller may also request cancellation, resulting in a refund to the Buyer minus escrow fees.
For transactions involving IPv4 Numbers, the standard shipping timeframe does not apply. Any cancellation must adhere to the terms of the underlying agreement between Buyer and Seller.
9. Transactions Involving a Broker
When a Broker is involved, they will initiate the transaction and manage Buyer and Seller contact information based on any agreed restrictions. After funds are secured, the Seller is instructed to deliver the item to the Buyer. Once the Buyer accepts the item or the Inspection Period ends, funds are disbursed to the Seller and Broker as per the agreement. If the transaction is canceled or merchandise is rejected, the Broker will not receive a commission unless otherwise specified.
10. Dispute Resolution
In the event of any dispute, claim, question, disagreement, or breach arising from or relating to VaultxEscrow's Terms of Use, these General Escrow Instructions, the Transaction Detail Screens, or the Transaction Escrow Instructions - including, but not limited to, disputes involving a Seller's rejection of returned goods, a Buyer's or Seller's Acceptance or Rejection of an item, or Cancellation of the Transaction - Buyer and Seller (and Broker, where applicable) agree to diligently consult and negotiate in good faith for the duration of the Negotiation Period, as defined below, to achieve a mutually satisfactory resolution. Upon reaching an agreement, Buyer and Seller (and Broker, where applicable) must promptly notify VaultxEscrow in writing via joint instruction detailing the terms and conditions of the resolution.
The term "Dispute Date" is defined as follows: The date on which the Seller rejects the return of merchandise or domain(s) on the VaultxEscrow platform; or The date VaultxEscrow rejects merchandise or domain(s) on behalf of the Seller if the Seller is unable to access the VaultxEscrow platform. The fourteen (14) calendar days starting from the Dispute Date shall constitute the "Negotiation Period." If Buyer and Seller (and Broker, where applicable) cannot reach an agreement and notify VaultxEscrow in writing of their joint resolution during the Negotiation Period, either party may escalate the matter to binding arbitration within fourteen (14) calendar days following the conclusion of the Negotiation Period. This subsequent fourteen-day window is referred to as the "Arbitration Commencement Period." Notice of arbitration must be promptly delivered via email by the initiating party to the other parties and VaultxEscrow.
Before Buyer may initiate arbitration, Buyer must return the Escrowed Property to the Seller. If VaultxEscrow does not receive notice that binding arbitration has commenced within the Arbitration Commencement Period, VaultxEscrow reserves the right to terminate or cancel the Transaction and refund the Escrow Funds to the Buyer, less any applicable escrow fees, in accordance with these Instructions.
VaultxEscrow retains the right (but is under no obligation) to initiate arbitration or to inter-plead the funds into a court of competent jurisdiction at any time. In such instances, Buyer and Seller (and Broker, where applicable) authorise VaultxEscrow to utilise the Escrow Funds to cover administrative fees for arbitration or legal proceedings, including the filing of a summons and complaint.
Arbitration Process
Any arbitration must be submitted to one of the following arbitration services: the American Arbitration Association (AAA), Judicial and Mediation Services, Inc. (JAMS), or Net-ARB Inc. (net-ARB). The arbitration shall take place in the State of California, County of Orange, unless all parties, including VaultxEscrow, agree in writing to an alternative arbitration provider or venue.
The arbitration will be conducted by a single arbitrator selected according to the procedures of the chosen arbitration provider. The initiating party must submit an Arbitration Request, including a copy of this provision, to the chosen provider. The Arbitration Request must also notify VaultxEscrow and all other parties and include their contact details. VaultxEscrow is not a party to the arbitration unless it voluntarily chooses to intervene.
Costs and Fees
Each party is responsible for a pro-rata share of the arbitrator's expenses, excluding individual legal and witness fees. VaultxEscrow will not cover arbitration costs as it is not a party to the dispute.
Resolution and Enforcement
The arbitrator's decision will be final and binding, with judgment enforceable in a court of competent jurisdiction. VaultxEscrow will adhere to the arbitrator's decision upon receipt of the final award.
Entities that integrate their site with VaultxEscrow for data transmission purposes shall be considered an "Integrated Affiliate." In cases where the Seller (and Broker, where applicable) operates as an Integrated Affiliate, they are automatically bound by the terms specified in the Transaction Detail Screens when data transitions from the Seller's (or Broker's) platform to the VaultxEscrow platform. By proceeding, the Seller (and Broker, if applicable) also agree to the General Escrow Instructions, Terms of Use, Transaction Escrow Instructions, and any Supplemental Escrow Instructions upon the Buyer selecting the "Agree" button, confirming Buyer's Digital Identification.
If the VaultxEscrow platform or services are unavailable, or if all parties (Buyer, Seller, and Broker, when applicable) agree to extend the Buyer or Seller Inspection Period, VaultxEscrow may, at its discretion, extend these periods. Any extension will be promptly communicated via email. Unless extended by VaultxEscrow, the defined time periods in the Transaction Escrow Instructions shall remain unchanged.
If access to the VaultxEscrow site is not possible for submitting acceptance, rejection, or return notices, users must notify VaultxEscrow within the stipulated timeframe by reaching support or using the support email form. Notifications will be valid only when acknowledged by VaultxEscrow via email or updates to the Transaction Detail Screen.
Payments of Escrow Funds to Buyer, Seller, or Broker (if applicable) will occur as soon as possible after Buyer's acceptance, Seller's acceptance, or dispute resolution. Overpayments by Buyer will be refunded upon Close of Escrow. If an overpayment to any party occurs, they are required to return the excess funds to VaultxEscrow. Any alternative payment requests may incur wire fees or postage costs. VaultxEscrow is not liable for currency conversion losses.
For credit card payments, VaultxEscrow is authorized to charge the card when the Buyer selects the payment method on the Transaction Detail Screen. The Buyer may be required to provide identity documentation. VaultxEscrow reserves the right to decline payment methods without explanation. Refusals may lead to transaction cancellation after 20 days if unresolved. Payments are made via trust account check unless otherwise requested. Refunds may return to the credit card or original payment source when permitted.
Once Escrow Funds are disbursed, the Transaction is considered final, with no further obligations for any party. If a Buyer instructs a credit card chargeback after Transaction closure, it constitutes a material breach. Liquidated damages of the chargeback amount plus $5,000 will apply, deemed reasonable for anticipated harm, proof difficulties, and remedy inconvenience.
Escrow Funds will be deposited in a non-interest-bearing trust account per California Financial Code Section 17409. VaultxEscrow or its affiliates may benefit from bank services related to such accounts, with no obligation to account for those benefits.
Upon written request, funds may be placed in a Special Account that earns interest for the designated party, subject to compliance with applicable laws. A $100 non-refundable service charge applies.
For California-registered users, Escrow funds unclaimed after 12 months will incur an annual $50 Maintenance Fee and may escheat to the State of California after 36 months. Arizona-registered users face similar terms, with escheatment after 60 months.
VaultxEscrow will communicate with parties via email to the address in their user profile. All parties must verify email communications via the VaultxEscrow site. Under California law, electronic records are deemed sent when appropriately addressed and leave the sender's control or enter the recipient's control.
If electronic communication is not feasible, alternative arrangements may be made by contacting VaultxEscrow, subject to agreement from all parties.
VaultxEscrow will issue, manage, and verify Digital Identifications, recognized as electronic signatures under California law. Digital Identifications are attached to all accepted electronic documents and emails. The Buyer and Seller's Digital Identifications confirm agreement upon selecting the "Agree" button. VaultxEscrow reserves the right to request ink signatures for any document, including these instructions.
If we determine, in our sole and good faith judgment, that a transaction violates these General Escrow Terms or any applicable law, regulation, or rule, we reserve the right to terminate the transaction. In such cases, VaultxEscrow may seek court-ordered protection of the escrow funds through various means, including impound accounts or receivership.
In the event of a dispute between the Buyer and Seller (and Broker, if applicable), and such dispute remains unresolved within a reasonable timeframe, or if conflicting demands are made upon VaultxEscrow, we will not take further action until written instructions signed by all parties are received. VaultxEscrow may also initiate arbitration or legal proceedings at its sole discretion to resolve the matter. If legal or arbitration action is necessary, VaultxEscrow shall be entitled to recover all related attorney fees and costs.
Should either the Buyer or Seller file for bankruptcy protection while an escrow is active, or while VaultxEscrow holds title to property or services subject to escrow, we reserve the right to cancel the escrow and return the property to the Seller without requiring further instruction from any party.
By selecting the "Agree" button, the individual certifies that they are at least 18 years of age and have read and agreed to these General Escrow Terms. If acting on behalf of an organization, such as a corporation, partnership, or other entity, the individual certifies they have the authority to bind the entity to these terms.
VaultxEscrow's services do not include any warranties or representations regarding the legality of the transaction, the condition or transfer of ownership, sufficiency of documentation, or related matters. Responsibilities such as sales tax, utilities, ongoing agreements, insurance policies, or warranties are outside the scope of VaultxEscrow's services, and VaultxEscrow assumes no liability for such matters.
In the event of a conflict between these General Escrow Terms and any other agreements or terms, these General Escrow Terms shall govern. Any agreement between Buyer and Seller (and Broker, if applicable) that is not explicitly reflected in these terms or the transaction-specific instructions will not bind VaultxEscrow. By agreeing below, all parties accept these General Escrow Terms as binding and acknowledge their electronic signature under applicable electronic transaction laws.
These terms are governed by the laws of the State of California, without regard to conflict of law principles. Any disputes shall be resolved in Orange County, California, and all parties agree to this exclusive jurisdiction and waive objections such as forum non conveniens.
If any provision of these terms is found invalid or unenforceable, the remaining provisions shall remain in full effect. Section headings are provided for reference and do not affect the interpretation of these terms.
VaultxEscrow shall not be liable for any failure to perform due to conditions beyond its reasonable control, including but not limited to natural disasters, government actions, or technological disruptions.
These General Escrow Terms may be executed in multiple counterparts, each deemed an original. Signatures, including electronic or faxed copies, shall be valid and binding. All counterparts together shall constitute a single, binding agreement.
By proceeding, you confirm your understanding and acceptance of these terms.
Where a Transaction is referred by an external marketplace such as eBay and involves authentication, the Buyer and Seller agree to the external marketplace's rules. VaultxEscrow is not responsible for the authentication or condition of the merchandise provided by third-party services.
If you have questions or concerns regarding this VaultxEscrow Rules, contact us via:
Email: support@vaultxescrow.com
Address: Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW United Kingdom