Khalti Escrow service is a service provided by Khalti Private Limited (hereby known as “Khalti”) that enables the KYC verified users to send money to another KYC verified user in a secured possible way. Under this feature, the funds are held in escrow until the receiving party performs his/her obligations or released by the sender. After the performance of the obligation by the receiving party, the sender can release the amount to the receiver or alternatively, the receiver can request the release of the amount.
Users must accept the following Terms and Conditions in order to use Khalti Escrow Service.
Unless the context otherwise requires, the following terms used under “Terms and Conditions” segment shall have the following meaning(s) and interpretation(s):
- Khalti Team: Collectively a team or a member of the team who is designed to handle the “Khalti Escrow Service” related disputes.
- Escrow Service Fee: is the fee applicable in Khalti Escrow service and is stated by Khalti.
- Principal Amount: total amount sent by the Sender to the Receiver using Khalti Escrow Service.
- Receiver: is a KYC verified Khalti user who receives the amount transferred using Khalti Escrow Service.
- Sender: is a KYC verified Khalti user who transfers the amount using Khalti Escrow Service
- Parties: shall collectively mean both the sender and the receiver.
- Dispute Settlement Fee: is the fee applicable to the complainant (Sender or Receiver) of the Khalti Escrow Service.
- Complainant: refers to the party who raises the complaint against the other party involved in Khalti Escrow Service.
- Transaction: refers to the Escrow transaction between the Sender and the Receiver.
- Wallet: shall mean the Khalti wallet.
- Winning Party: refers to the party who shall receive the net undisputed amount after deducting Dispute Resolution Fee. For this purpose, the winning party may be either the Sender or the Receiver.
3. Transaction Status
“Transaction Status”in Khalti Escrow Service means an indicator of stages in relation to the Khalti Escrow Service transaction. Transaction status can be Success, Pending, Under Review, Canceled, Settled or Complete.
- “Success”status means the Escrow transaction has been initiated by the sender.
- “Pending” status means the transaction is yet to be complete and the Principal Amount is held on the Khalti account which is reflected in the intermediate wallet. It is the period before the raising of the dispute.
- “Under Review” status means that the complainant has raised a complaint in relation to the Escrow transaction. The transaction status shall remain “Under Review” until the complaint is resolved.
- “Canceled” status means the transaction which was on “Under Review” status has been resolved , and the Principal Amount has been refunded back to the Sender.
- “Settled” status means the transaction which was on “Under Review” status has been resolved , and the Principal Amount has been released to the Receiver or sender on the basis of evidence presented by them.
- “Complete” status means the transaction has been completed, the Receiver has received the Principal Amount in the wallet and the Sender has received the goods/ services for the Principal Amount.
Khalti shall not be liable for any obligations resulting from the “Complete” transaction. For this purpose, the transaction shall be deemed to be complete once the sender releases the principal amount at any of the stages of the Khalti Escrow Service.
4. Ending of the Transaction Relation:
It is the period after the resolution has been made for the dispute in relation to the Khalti Escrow Service transaction, after which there shall be no relation, liabilities or obligations to Khalti regarding the transaction
5. Escrow Service Fee
It is the fee levied to the Sender by Khalti on the Escrow transaction. The Escrow Service fee shall be NRs. 10/- per transaction.
Khalti, at its sole discretion, reserves the right to revise the Escrow Service Fee at any time and without any prior notice. However, any revision in the Escrow Service Fee shall be updated in Khalti Service Charges/Tariffs.
6. Dispute Settlement Fee
It is the fee levied by Khalti to the Complainant for raising a complaint in relation to Escrow transaction. The Dispute Settlement fee shall be NRs. 100/- per complaint.
Khalti, at its sole discretion, reserves the right to revise the Dispute Settlement Fee at any time and without any prior notice. However, any revision in the Dispute Settlement Fee shall be updated in Khalti Service Charges/Tariffs.
7. Terms and Conditions
- The minimum amount for enabling Khalti Escrow Service option shall be NRs. 100 per transaction.
- If the Khalti Escrow Service option is enabled by Sender while using the Send Money service, the transfer of the amount shall be done through Khalti Escrow Service.
- The Principal Amount shall be held in an intermediate wallet. The sender should release the Principal amount in order for the receiver to receive the Principal Amount.
- The receiver shall have the right to claim the amount but the Principal Amount shall only be released after the sender releases it.
- The receiver shall not be able to request the release of the amount for a 3 hours time period from the previous release request.
- Any complaint in relation to the Escrow transaction can be raised by the Sender or the Receiver. The Complainant should submit adequate and relevant evidence relating to the complaint thus lodged. Once the complaint is raised, the Khalti team shall have the final authority to resolve the complaint.
- Complaints once raised can not be reverted.
- Only the Khalti team can take action for “Under Review” transactions. Upon lodgement of the complaint, the team shall look into the concerning issues and shall contact both the parties to settle the dispute.
- Once a complaint is lodged, the parties can either withdraw the complaint or accept the dispute or contest and challenge the dispute.
- In the event where a dispute or claim relating to the Escrow Service cannot be resolved in amicable ways due to the complex nature of the issue, the parties hereby agree that the dispute shall be referred to and resolved by a court of competent jurisdiction, and the court's decision shall be final. Furthermore, both parties hereby agree, in occurrence of such an event Khalti shall not be bound to any obligation except for providing required information.
- The Escrow Service Fee and the Dispute Settlement Fee shall not be refunded even if the original transaction is refunded and the principal amount shall be released to the Sender in case of Refund Transactions.
Note: Users are prohibited from using Khalti services to make payments for the goods and services deemed illegal by the prevalent laws of Nepal.