LEGAL
Escrow Service Agreement
WHAT THIS AGREEMENT COVERS
This Escrow Service Agreement (ESA) governs the relationship between Sosomak , the Buyer, and the Manufacturer when funds are held in escrow. By initiating an escrow transaction, all parties accept these terms.
1. ESCROW ACCOUNT STRUCTURE
Sosomak maintains a dedicated Escrow Account at a licensed Turkish credit institution (currently Garanti BBVA). This account is legally segregated from Sosomak operating funds and holds buyer funds exclusively during active transactions.
2. HOW FUNDS ARE HELD AND RELEASED
Funds are released only when one of the following conditions is met:
- In accordance with the agreement between the parties: Prior to the commencement of the escrow process, the agreement between the Buyer and the Manufacturer shall be shared with Sosomak by both parties. The funds shall be released by Sosomak in accordance with the payment provisions set forth in the agreement entered into by the parties. In the event that the payment due dates specified in the agreement are unclear or ambiguous, Sosomak shall be entitled to request written confirmation from both parties regarding the applicable payment due date and to hold the funds in escrow until such written confirmation has been provided by both parties.
Sosomak shall not be held liable for:
1) Releasing the funds on the payment dates specified in the agreement;
2) Holding the funds in escrow while awaiting the parties’ written confirmation where the payment due dates specified in the agreement are unclear or ambiguous; or
3) Holding the funds in escrow until officially issued information or documents evidencing the duly completed actions or transactions are provided to Sosomak, where the payment under the agreement is subject to the completion of certain actions or transactions.
Accordingly, neither party shall be entitled to make any claim against Sosomak or assert any rights, demands, or claims against Sosomak arising out of or in connection with any of the foregoing circumstances.
- Dispute resolution: In the event of a dispute, Sosomak shall not act as an arbitrator. The funds shall remain blocked until the parties reach an agreement and clearly notify Sosomak of the terms of such agreement, or, if the parties are unable to reach an agreement, until they provide Sosomak with a final and official judgment or decision regarding the dispute, obtained through the competent courts, arbitration, or mediation.
- Mutual cancellation: Both parties agree in writing to cancel; funds returned minus processing fees.
3. SOSOMAK ROLE AND LİABİLİTY
Sosomak acts as neutral intermediary. Sosomak is not a party to the purchase agreement between Buyer and Manufacturer and does not guarantee quality, legality, or fitness for purpose of goods. Sosomak liability is limited to the escrow fee paid for that specific transaction.
4. KYC AND İDENTİTY VERİFİCATİON
Both Buyers and Manufacturers must complete KYC verification to comply with Turkish anti-money laundering regulations before participating in escrow transactions.