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Project escrow is for people and businesses that provide or request a service, allowing you to define the delivery of the service as milestones in a project.


Project escrow guides you through the definition of project milestones. A project can have a number of milestones. Each milestone is defined as follows:

  • Milestone name
  • Milestone details
  • Due date
  • Milestone value

An upfront payment to facilitate manufacturing, bookings or a purchase can easily be defined as project milestones. The participants in the Envisionit E-Escrow project transaction are alerted by email when the next payment milestone has been reached.

E-Escrow allows you to define your own terms and conditions for the transaction. The terms specified in an escrow transaction is very important as it will most likely determine the outcome of the mediation in the event of a dispute.


The E-Escrow process for project transactions

  • 1

    Start a secure transaction

  • 2

    Specify the project details and milestones

  • 3

    Create transaction terms

  • 4

    Agree the transaction terms

  • 5

    The buyer transfers the transaction value to Envisionit E-Escrow

  • 6

    The seller delivers on milestones

  • 7

    The buyer accepts and verifies each milestone

  • 8

    Envisionit E-Escrow releases payment to the seller and / or agent at each milestone

Example:

Project summary Install 150 L solar geyser at 262 Rose street Centurion.
Project cost R 8,200.00
Milestone details Due date Cost (%) Cost (Rand)

Milestone name: Initiation fee


Milestone description:
Payable 48 hours before installation date to secure parts.

2 April 2017

35%

R 2,870.00

Milestone name: Installation


Milestone description:
Supply and install 150L solar geyser, heatpump and fittings.

5 April 2017

50%

R 4,100.00

Milestone name: Testing


Milestone description:
7 calendar days for testing and inspecting the product.

12 April 2017

15%

R 1,230.00

Totals

100%

R 8,200.00


Envisionit E-Escrow fees for project transactions

E-Escrow charges a fee for securing your transaction. The E-Escrow fee is deducted from the funds in trust and is either payable by one or a combination of the parties. For example, the parties may decide that the buyer, seller or agent will pay the E-Escrow fees or the E-Escrow fee may be split between the parties. You can find a detailed explanation of our fee structure here.

All rights reserved. Copyright: Envisionit E-Escrow (Pty) LTD 2017.