Client Escrow Account Clause Samples
The Client Escrow Account clause establishes that client funds will be held in a separate escrow account managed by a neutral third party until certain contractual conditions are met. Typically, this means that payments made by the client are not released to the service provider until agreed-upon milestones or deliverables are completed and verified. This arrangement protects both parties by ensuring that the client’s money is secure and only disbursed when obligations are fulfilled, thereby reducing the risk of non-payment or non-performance.
Client Escrow Account. After entering into a Service Contract, the first time a Client makes a payment for a Project, Upwork Escrow will establish and maintain a “Client Escrow Account” to hold funds for the Client to use to make payments for Projects, to receive refunds in connection with Projects, and to make payments to Upwork.
Client Escrow Account. After entering into a Service Contract, the first time a Client makes a payment for an Engagement, TMC Escrow will establish and maintain a “Client Escrow Account” to hold funds for the Client to use to make payments for Engagements, to receive refunds in connection with Engagements, and to make payments to TMC for payment processing and administration fees.
Client Escrow Account. INTEREST BEARING. The third linked account will consist of another series of sub-accounts. The sub-accounts will contain the business's name, the client's name and the client's sub-account number. The business shall certify to the Bank each respective TIN as may be required by applicable tax statutes and regulations. This is partially to prevent the business from receiving any 1099's on these accounts. Unless the Bank receives different instructions from the business, the funds will be deposited into a money market account with a floating interest rate. The rate will be determined by the Bank based on conditions and can change periodically. Rate changes become effective the day of any change. Multiple deposits into each sub-account will be accepted. Interest earned will be subject to taxation as ordinary income to the client, and a form 1099 will be mailed directly to each client. These accounts will not be subject to monthly service charges. Interest on the sub-accounts is earned on collected balances and is computed on a 365 day, or of a leap year, on a 366 day basis. There is no limit on the number of transfers from each sub-account when the instructions are submitted in writing. However, there may not be more than six (6) transfers per sub-account initiated by Electronic Devices (telephone or telefax) during any monthly statement.
Client Escrow Account. After entering into a Service Contract, the first time a Client makes a payment for a Project, Slasify Escrow will establish and maintain a “Client Escrow Account” to hold funds for the Client to use to make payments for Projects, to receive refunds in connection with Projects, and to make payments to Slasify for payment processing and administration fees.
Client Escrow Account. After entering into a Service Contract, the first time a Client makes a payment for an Contract, Escrow will establish and maintain a “Client Escrow Account” to hold funds for the Client to use to make payments for Contracts, to receive refunds in connection with Contracts, and to make payments to for payment processing and administration fees.