Please kindly read the following states and rules before proceeding SeekIC Escrow Service.

 

 Escrow service terms can be understood as follows:

1.       “Payment period” means that the buyer shall pay SeekIC within the negotiated period, otherwise the seller has the right to cancel this deal.

2.       “Delivery time” namely the lead time, means the seller shall deliver the goods during the negotiated period.

3.       “Inspection period” means that the buyer has a period to inspect the goods. When buyer receives the goods, the inspection period takes effect. Buyer begins to inspect the goods. During this period, the buyer shall decide to accept the goods or refuse the goods.

4.       “Returned goods period” means that the buyer shall return the goods during the negotiated time after both sides confirm to return goods.

 

 

 

All information should be confirmed by the buyer and the seller before payment. After payment, if any side needs to modify the information, you shall submit an application to SeekIC.

 

2.1   When Escrow service application is successfully approved, and the buyer has paid to SeekIC Escrow, if any party puts forward to cancel the order, the related expenses should be paid according to the following rules:

2.1.1          If the seller can’t provide the goods after payment, which leads to the cancel of the order.  The seller needs to pay the wire transfer fee and the Escrow fee of the refund.

2.1.2          If the buyer wants to cancel the deal after payment because of unilateral causes, the buyer needs to pay for Escrow fee and bank fee of refund.

2.1.3          In the event of the return of goods, the seller will pay for the Escrow charge and returning shipping charge.

2.2 The time that SeekIC receives the payment is decided by the buyer’s bank and the area. It usually takes about 3 working days, and about 7 working days in some special areas.

2.3   After Escrow application is approved successfully, the buyer needs to pay to SeekIC in 2 working days. If not, the Seller has the right to cancel this transaction. If the buyer wants to extend the payment period, the buyer needs to inform SeekIC and the Seller and get the agreement of the seller.

 

3.1   Once the seller is informed that SeeKIC has received the payment from buyer, the seller shall deliver the goods in the negotiated shipping time. If the seller wants to extend the delivery time, the seller needs to inform buyer and SeekIC and get the buyer’s agreement.

 

3.2   Before shipment, the seller needs to ensure the following is on order:
  a. the parts are in working condition and packaged securely
  b. packing list
  d. leave a copy of test report for your own reference
To avoid dispute, the seller is suggested to use a courier company that has online shipment tracking. We recommend UPS, Fedex, DHL, and TNT.

 

3.3   In the event of receiving damaged items, the buyer shall inform SeekIC in time, and provide a solution after negotiation of both sides.

 

3.4   If the seller can’t provide the goods and ship the goods finally, the buyer has the right to claim the loss caused by the seller.

 

4.1 If the buyer wants to extend the inspection period, the buyer need to confirm with the seller and inform SeekIC.

 

4.2   The buyer has the right to inspect the goods in the inspection period. If the goods are refused, the buyer needs to provide an inspection report from negotiated inspection agency as the proof of goods rejected. And seller can’t refuse to return goods. After returning the goods, when SeekIC receives the confirmation the refund from the seller, SeekIC will return the money to the buyer within one or two working days. If the seller reflects the goods are not in good condition compared with the original goods, SeekIC will postpone returning the money until this matter is solved.

 

4.3   If the seller accepts the report just from the buyer. Both sides need to sign this term on the purchase order. Once the goods are not qualified and the buyer asks to return the goods, SeekIC will confirm the return of goods with the seller by email.

 

5.1   Once the buyer has received the items and confirmed that SeekIC Escrow can release the funds back to the seller, SeekIC will release the payment in one or two working days. The payment will not be released to the seller without the confirmation from the buyer.

 

5.2 If the goods are not sufficient as the negotiated quantity, the seller needs to afford for the Escrow service fee and pay for wire transfer fee which will be deducted from the amount received by SeekIC. If the buyer doesn’t want to press any charges, the seller doesn’t need to afford the responsibility for this fault.

 

5.3 At the end of the inspection of period, if buyer doesn’t reply the result of inspection, meanwhile SeekIC has confirmed that buyer has received goods. SeekIC will assume buyer has approved the goods. SeekIC will release the payment to the seller.

 

6.1   If the buyer is not satisfied with the goods, with enough proof, the buyer can return the items to the Seller. Once the Seller receives the items and confirms that they are in satisfactory condition, SeekIC Escrow will release the funds back to the buyer.

 

6.2   In any case, once the return, the buyer or the seller is fully or partially responsible for fees including escrow fees, return shipping fees, and original shipping fee according to the agreement. The escrow fee and any original shipping fees will be taken out of the original payment made to SeekIC Escrow. 

    

6.3 Under the circumstances of canceling deal and partial refund, SeekIC will deduct the Escrow service fee from the amount received by SeekIC, and then transfer the rest money to buyer. Escrow service fee is not refundable.

 

6.3 If the buyer only accepts to return part of the cargo, the buyer should inform the seller and SeekIC in time. When buyer returns the declined items to seller and seller confirms that they receive the goods, SeekIC will send the partial payment to the buyer and the seller accordingly.

 

6.4 Buyer is suggested to use Logistics Company with online tracking service.