Terms of Service
General Terms and Conditions for the processing of payments using the twago online platform (escrow service conditions twago safePay)
In addition to the use of its online platform, Team2Venture GmbH ("twago"), Rosenthaler Straße 51, 10178 Berlin, Germany, also offers, to service providers and buyers ("users") registered on the online platform, agency services in connection with the processing, via an external escrow service (called “twago safePay”), of payment for projects agreed by users using the online platform.
These General Terms and Conditions for the processing of payments via the online platform (“escrow service conditions”) govern the rights and obligations of users and twago in cases where use is made of the escrow service. They also set forth the basic principles which apply to users in the cases where use is made of the escrow service.
- Application and incorporation of the escrow service conditions
- Escrow service twago safePay
- Agreement phase
- Payment of the remuneration
- twago safePay charges
- Right of revocation for consumers
§1 Application and incorporation of the escrow service conditions
The escrow service conditions apply to all escrow services offered by twago in conjunction with the processing of payments for projects of which users avail themselves on the online platform in the course of their membership. The General Terms and Conditions for use of the twago online platform also apply in a supplementary capacity.
The escrow service conditions are deemed to have been agreed between twago and a user as soon as the user has given one-off consent to their application via the online platform.
§2 Escrow Service twago safepay
Object of the escrow service; escrow service contract; escrow holders
Buyers and service providers who have concluded a service contract concerning a project, and use the escrow service twago safePay, place themselves under obligation to manage the payment of the project using an external escrow bank account (“escrow account”). Here, once the service contract has come into force, the buyer deposits the sum agreed with the service provider into the escrow account indicated by twago. The funds are paid out to the service provider only upon conclusion of the project and release by the buyer. Funds in the escrow account do not accrue interest.
The owner of the escrow account is not twago but an escrow holder. Therefore, the contractual escrow relationship exists only between the users and the escrow holder.
The services rendered by twago, which form the object of the contract, consist of the representation by twago of each party in the escrow relationship to the other and the submittal of declarations as and when required in the name of one or other of the represented parties. There are therefore no grounds for claims against twago in relation to the escrow relationship.
Rights and obligations of the buyer
The buyer shall, upon the coming into force of a service contract, in pursuance of §2 (2) of the General Terms and Conditions, undertake to deposit the remuneration for the project – as agreed in each case with the service provider - either as a lump sum or in instalments (e.g. with payments by work phase/milestones) in the escrow account. The buyer shall undertake not to request any deposited sums to be returned.
Unless the buyer demands that they be returned, any overpaid funds will remain in the escrow account and be credited to the buyer for successor projects.
The buyer is entitled to demand the return of funds deposited in the escrow account only in the following instances:
The return of excess payments: In the context of a project with a service provider the buyer has deposited a higher amount than has been agreed upon.
Repayment with the consent of the service provider: The service provider consents to the repayment to the buyer of the entire sum of the remuneration or a proportion thereof (e.g. in the event of mutual consent by both parties as defined in §3).
Bankruptcy of the service provider: (a) A petition is filed for the instigation of insolvency proceedings in respect of the assets or a part thereof of the service provider (§102 InsO [German Insolvency Ordinance]), where it is not the buyer who has filed the petition, or (b) insolvency proceedings have been instigated in respect of the assets or a part thereof of the service provider, or a petition for the instigation of such insolvency proceedings has been rejected on the grounds of insufficient assets, in which case it is immaterial whether or not the petition was filed by the buyer.
The service provider ceases to operate: The service provider ceases to operate or his business activities are suspended by court order or official decree, with particular reference to deletion of the service provider's company by the Register of Companies or a court of law.
The buyer shall undertake to release the funds for withdrawal and, to this end, to submit a status notification to twago to the effect that the project has been “completed” as and when the service provider has fulfilled his obligations arising out of the service contract.
The buyer shall undertake to notify twago without delay of any changes to his contact details.
Release of the payment
The service provider becomes entitled to the funds accruing to him in the escrow account if and when the same have been released for withdrawal. The funds for remuneration will be deemed to have been released for withdrawal by the service provider in the following cases:
The buyer submits a status notification to the effect that the project has been "completed".
The service provider submits a status notification to the effect that the project has been "completed", and the buyer confirms this within 30 days of this notification.
The service provider submits a status notification to the effect that the project has been "completed", and the buyer does not contradict this within 30 days of the notification.
In the following cases, the funds are deemed not to have been released for withdrawal:
The buyer or provider submits a status notification to the effect that the project has been "cancelled".
The service provider submits a status notification to the effect that the project has been "completed", and the buyer contradicts this notification within 30 days.
If the funds have not been released for withdrawal, the service provider can insist on withdrawal of the entire payment, or a part thereof, as and when the parties have reached agreement as defined in §3 and both parties present this agreement to twago.
Upon release of the funds for withdrawal, the buyer is discharged of his obligation to make payment to the service provider, and the risk of loss passes over to the service provider.
§3 Agreement phase
If the funds have not been released for withdrawal for reasons set forth in §3 (3), an agreement phase then begins in which the users involved should seek extrajudicial or judicial clarification of the status of the claim. Subject to the regulations in §2 (3) to (5), in this phase, the funds in the escrow account will not be withdrawn by any one of the users involved.
As a matter of principle twago can (and will) not represent the users and will for this reason become involved and make proposals for agreement only if an agreement between the users appears desirable in view of the case in question or there are good reasons to assume that the process can be concluded with an agreement, particularly if one of the parties involved has expressed a desire for negotiations.
On the express wish of both the users involved, twago will assist in the negotiations through assuming the role of mediator or providing the users with the required objective support.
§4 Withdrawal and repayment of the remuneration
In the event that the funds for remuneration have been released for withdrawal (§2 (3)) or the buyer has a claim to the repayment thereof (§2 (2)), the funds will remain in the escrow account until such time as the service provider – or, in the case of repayment, the buyer – gives twago an instruction to withdraw or repay the funds. Depending on the instructions given by the user, the funds will either
Be transferred from the escrow account to an account to be nominated by the user, or
Be initially credited to a twago bank account, from which the user can access the funds at any time using one of the payment management services embedded in the online platform (e.g. Paypal, Moneybookers). To this end, upon signing this contract the user grants twago the irrevocable right to take receipt of the corresponding funds from the escrow account in one of twago’s own bank accounts.
The service provider shall undertake to pay an escrow service charge for each use of twago’s escrow service. The escrow service charge becomes due for payment as and when a service contract between service provider and buyer comes into force and the service provider consents to the processing of a sum for remuneration using the escrow service.
If twago should, on the express wish of both users, act as a mediator in pursuance of §3 (3), each of the users involved shall undertake to pay a mediation fee to twago. The mediation fee is due for payment only when the two users involved have granted their consent to twago's assumption of the role of mediator.
Insofar as charges due for payment cannot be debited from the user balance of the user upon signing this contract, the user grants twago the irrevocable right to deduct charges from funds released for withdrawal or, as the case may be, for repayment and to debit the escrow account for this purpose. twago reserves the right instead to demand the payment of due charges directly from the user.
The amount of the charge corresponds to a percentage of the sum order total agreed between service provider and buyer in the course of conclusion of the service contract. Any subsequent reductions in the order amount – regardless of reason – will not affect the amount of the charges. For the charges currently in force please consult our price list.
§6 Right of revocation for consumersback to top