How does the escrow payment work?
At Workana, we use the Escrow payment system to ensure that both the client and the professional can be assured that the projects will be carried out as agreed.
Escrow is a security deposit in which three parties are involved: client, professional and Workana, as intermediary and guarantor of the project.
The Escrow mode is specifically used in Fixed Price Contracts. In this type of project, the client and the professional define, at the time of negotiation, the conditions under which they will carry out the project.
How is the guarantee payment process?
- The client accepts the bid of the professional and makes payment for the entire project to be carried out.
- Workana receives the guarantee payment and keeps it in its possession until the requirements set out in the project are met.
- Once the conditions established between the client and the professional have been met, Workana delivers the money to the professional.
By agreeing on the conditions under which they will carry out the project, the client and the professional define the obligations of each one, the scope of the project and the value associated with it.
While the project is being carried out, the amount agreed between the client and the professional is deposited in the client's account at Workana, associated with the current project.
Workana will monitor the project and may act as a mediator if a dispute arises and the client and professional are unable to reach an agreement. At this point, only communications maintained within the Workana platform may be used as evidence during the resolution process.
Once the project is completed, Workana will release the payment to the professional requested by the client.
What are the benefits of this way of working?
- Professionals are assured that they will receive payment for their services provided if they have fulfilled their part of the agreement.
- Clients have the peace of mind that if the work was not done as agreed in a timely manner, the money deposited in their Workana account will not be released.
- The Escrow mode allows Workana to provide both parties with a neutral, reliable working environment based on the conditions and agreements established between client and professional. In the same way, both client and professional can keep track of payments and execute them once there is agreement on the result obtained.
What happens if there is no agreement on the development of the project?
If there is no agreement regarding the fulfillment of the objectives established in the project, the client may initiate the mediation process to cancel the project.
If the parties cannot agree at the mediation stage on how to terminate the project, both the client and the professional may contact Workana to act as arbitrator.
Initially we will try to get the parties to reach an agreement and if this is not possible, we will make the final decision based on the communication kept on the platform, the description of the project and the agreements reached by the client and professional or any other means that Workana considers useful.
When is it possible to request a dispute?