Legal Document
ESCROW POLICY
PAYMENT AND ESCROW LIFECYCLE POLICY NEXT GENETICS ONLINE --- 1. DEFINITIONS 1.1 “Escrow” means the temporary holding of funds by or on behalf of the Platform pending completion of a transaction. 1.2 “Buyer” means the purchaser of goods or services on the Platform. 1.3 “Seller” means the provider of goods or services. 1.4 “Payment Provider” means any third-party payment gateway or processor used by the Platform. 1.5 “Release Event” means the condition under which funds are released to the Seller. 1.6 “Dispute” means any disagreement between Buyer and Seller regarding a transaction. --- 2. ROLE OF THE PLATFORM 2.1 The Platform facilitates payments between Buyers and Sellers. 2.2 The Platform is NOT: * A bank * A financial institution * A trustee (unless required by law) 2.3 Funds may be held: * By the Platform * Or by a licensed third-party Payment Provider 2.4 The Platform acts as a **limited payment facilitator only**. --- 3. PAYMENT INITIATION 3.1 The Buyer initiates payment via the Platform. 3.2 Payment methods may include: * Card payments * EFT * Other approved methods 3.3 Upon successful payment: * Funds are recorded * Transaction enters escrow state --- 4. ESCROW HOLDING 4.1 Funds may be held in escrow until: * Delivery is confirmed * A specified time period has elapsed * Contractual conditions are met 4.2 The Platform may apply: * Automated escrow rules * Manual review processes 4.3 Escrow is designed to: * Protect Buyers against non-delivery * Protect Sellers against non-payment --- 5. RELEASE CONDITIONS 5.1 Funds will be released upon the occurrence of a Release Event, including: * Buyer confirmation of receipt * Expiry of a defined inspection period * System-triggered completion rules * Mutual agreement between parties 5.2 The Platform may release funds automatically based on system logic. 5.3 Once released: * Funds are transferred to Seller * Commission is deducted --- 6. PLATFORM COMMISSION 6.1 Commission is: * Payable by the Seller * Deducted at time of release 6.2 Commission is: * Non-refundable * Exclusive of VAT unless required by law --- 7. VAT HANDLING 7.1 VAT is applied: * By the Seller (if VAT registered) * On goods sold, not on Platform commission (unless legally required) 7.2 The Platform is not responsible for: * VAT compliance * Tax filings --- 8. DISPUTES AND ESCROW HOLDS 8.1 If a Dispute is raised: * Funds may be frozen 8.2 During a Dispute: * No funds will be released * Investigation may occur 8.3 The Platform may: * Request evidence * Facilitate communication * Make non-binding recommendations 8.4 The Platform is NOT obligated to resolve disputes. --- 9. DISPUTE OUTCOMES 9.1 Possible outcomes include: * Release to Seller * Refund to Buyer * Partial allocation 9.2 The Platform may act based on: * Available evidence * System rules * Risk assessment 9.3 Final legal resolution rests with: * The parties * South African courts --- 10. FAILED TRANSACTIONS 10.1 A transaction may be deemed failed if: * Payment is reversed * Delivery does not occur * Fraud is detected 10.2 In such cases: * Funds may be refunded * Fees may be deducted --- 11. CHARGEBACKS AND REVERSALS 11.1 Buyers may initiate chargebacks through their payment provider. 11.2 The Platform is not liable for: * Chargeback decisions * Bank actions 11.3 The Platform may: * Recover funds from Seller * Suspend accounts --- 12. FRAUD AND RISK MANAGEMENT 12.1 The Platform may: * Monitor transactions * Flag suspicious activity 12.2 In suspected fraud: * Funds may be withheld * Accounts may be suspended 12.3 The Platform may report: * Fraudulent activity to authorities --- 13. PAYMENT PROVIDER LIABILITY 13.1 Payment services are provided by third parties. 13.2 The Platform is NOT liable for: * Payment failures * Processing delays * Gateway outages --- 14. LIMITATION OF LIABILITY 14.1 To the maximum extent permitted by law, the Platform shall NOT be liable for: * Loss of funds * Delayed payments * Transaction disputes * Indirect or consequential damages --- 15. INDEMNITY 15.1 Users indemnify the Platform against: * Payment disputes * Fraud claims * Regulatory claims * Third-party claims --- 16. REGULATORY COMPLIANCE 16.1 Users must comply with: * South African financial laws * Anti-fraud regulations 16.2 The Platform may implement: * KYC requirements * Transaction monitoring --- 17. FORCE MAJEURE The Platform is not liable for failures caused by: * Network issues * Infrastructure outages * Events beyond reasonable control --- 18. RECORDS 18.1 Platform records of payments and escrow status are: * Final * Binding * Admissible as evidence --- 19. GOVERNING LAW This policy is governed by the laws of the Republic of South Africa. --- 20. CONTACT DETAILS NEXT GENETICS ZA (PTY)LTD 48 SEEKOEI STREET PYRAMID PRETORIA 0120 INFO@NEXTGENETICSZA.CO.ZA --- END OF DOCUMENT