Escrow Payments
es·crow - Money, property, a deed, or a bond put into the custody of a third party for delivery to a grantee only after the fulfillment of the conditions specified.
Freelancer Projects provides members with escrow payment options to help projects get completed smoothly.
Project Managers can set aside an amount of money agreed with the Developer into an escrow account on Freelancer Projects. Both the Project Manager and the Developer can then view the payment in the escrow account.
Only the Project Manager can complete the payment, from the escrow account to the Developer.
The Developer is the only person (other than Freelancer Projects staff) who can cancel this escrow payment. This gives each party half of the control over the money in the escrow account.
If the project gets completed, the Project Manager can transfer the money from the escrow account to the Developer. If the project is cancelled amicably, the Developer can cancel the escrow payment and the money will return to the Project Manager's account. If there are any disputes over a project, Freelancer Projects staff must be contacted before any money can be moved from the escrow account.
To manage your escrow payments, login to your account. The escrow menu is underneath the project list.
Contact us if you have any questions about Escrow Payments.
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