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otx Secure Escrow Service

What is the otx Secure Escrow Service?

The "otx Secure Escrow Service" can be used for any and all transactions closed through otx, online or offline. The escrow account is legally held by an Attorney's Office in Germany, appointed by otx AG, as an independent third party. All amounts deposited in the Escrow Account are safely and securely held by the Attorney's office. The Escrow account can be set up for deals starting at €5000 or equivalent, for a fee of only 0.5% of the transaction value. The Escrow-Account fee shall be paid by Buyer and Seller in equal parts (0.25% each).

 

How does it work?

  1. The otx Secure Escrow Service Account is available for all our customers selecting "Escrow account" as terms of payment in their sales offer or buying request.
  2. After closing the deal on agreed terms, Seller sends Buyer a proforma invoice for the amount agreed upon in the contract. Seller sends a copy of the invoice to o-tx.com via email.
  3. Buyer submits payment of the full amount on the proforma invoice to the otx Secure Escrow Account.
  4. The Attorney in charge of the otx Secure Escrow Account notifies Seller immediately that funds have been secured in escrow.
  5. Upon payment verification, the Seller is authorized to load his products, draw representative samples and send the merchandise to the Buyer.
  6. The Seller issues to Buyer a final invoice stating the exact quantity of products shipped to the Buyer and sends a copy of the invoice to o-tx.com via email.
  7. Upon delivery, the Buyer immediately inspects the goods and draws samples for quality control, using laboratory analysis, if applicable.
  8. If the products are conforming to the contract, the Buyer notifies the Attorney's office to release the funds from the Escrow Account to the Seller's account. The Buyer also transfers/receives the difference to the final invoice to/from the escrow account.
  9. The Attorney holding the Escrow account transfers the funds to the Seller immediately after Buyer's notification.

Whenever the products do not fulfill the conditions of the contract, Buyer rejects the goods, the following procedure shall apply:

  • o-tx.com appeals to the Parties to agree to a common approach.
  • Should the Parties not reach an agreement, o-tx.com offers the arbitration and mediation procedure to both parties.
  • The arbitration procedure can only begin if both parties agree to it. o-tx.com may request samples for an independent analysis from both parties. Should the parties not reach a mutually accepted agreement during the arbitration procedure o-tx.com can decide on a mutually binding conciliation proposal.
  • Should the parties be unable to agree on the arbitration procedure, they are free to settle their dispute in a Court of Law.