PAYMENTS AND BILLING TERMS
Effective Jan 17, 2023
These Payment and Billing Terms define the terms and conditions under the Service Contract Terms. Capitalized terms not defined herein are defined in the Service Contract Terms.
1. HOW IT WORKS
A Consultant can create and send fixed-price or hourly contract proposals to any eligible Company. If both parties accepts the proposal, the Company and Consultant will enter directly into a contract (the “Service Contract”).
1.1 Fixed Price Service Contracts
Once the Service Contract has been accepted by both Parties, the Company will make the payment of the Service Contract project funds to Iconet Escrow (“Service Contract Funds”). When the work or a milestone is completed, the Consultant will request the release of the Service Contract Funds or portion of Service Contract Funds for the milestone from Iconet. With the accrued milestone report, Iconet will release the Service Contract Funds less applicable fees to the Consultant. Once the Service Contract Funds are released, the Service Contract will end.
1.2 Hourly Service Contracts
Once the Service Contract has been accepted, the Company will make a down payment to Iconet Escrow of the hourly rate multiplied by the hourly minimum agreed (“Service Contract Deposit”). Company agrees to pay periodically (biweekly for contracts of less than a month and monthly for contracts of more length) as per the Work Product Proposal (“Service Contract Funds”). Iconet will release to the Consultant the Service Contract Funds less applicable fees in a by-weekly or monthly basis (depending on the contract), and as per the accrued hour report.
1.3 Term of the Service Contract Funds
The term of the Service Funds is the one agreed between both Parties in the Work Product. In the event that the Hourly Service Contract is not yet fully delivered at the end date specified, the term of the Service Contract Funds will be automatically extended to allow the Company and Consultant to complete the Work Proposal.
At any time, Company and Consultant may agree to extend the Fixed Price or Hourly Fee Service Contract. In those cases, the Company and the Consultant will notify Iconet to extend the contract and reinstate the corresponding funding.
Any Consultant with a professional or partner membership of Iconet is eligible to be a part in the Services Contract. Companies do not need to register for an Iconet membership to accept a Service Contract.
For any Service Contract, the following fees apply:
3.1 Consultant Fees
Consultant pays Iconet a 40% payment fee (“Service Contract Payment Fee”). Consultant authorizes and instructs Iconet Escrow to automatically charge and deduct all applicable Consultant Fees from the Service Contract Deposit and Service Contract Funds.
Depending on the Country, the Services Contract might be subject of income retention (“Tax Withholding”). Consultant authorizes and instructs Iconet Escrow to automatically deduct all applicable Tax Withholdings from the Service Contract Payment.
3.2 Company Fees
No fee is stated at the time of entering into a Service Contract, then no Payment Fee will be charged. Companies authorize to pay any applicable VAT for the Service Contract and ACH Debits with respect to the payment or placement in deposits of any Service Contract Funds.
4. PAYMENT SERVICES
Hereby Consultant and Company acknowledge and agree with the Fixed Price Service Contract Payment Service and acknowledge and agree with the Hourly Service Contract Deposit and Payment Service from Iconet.
9. NO RESPONSIBILITY FOR SERVICES OR PAYMENTS
Iconet Escrow merely provide a service for pay Consultants and bill Companies to comply with Iconet “Excellence Pillar”. Iconet does not have any responsibility or control over the Consultant Services that Company purchases. Nothing in this Agreement deems or will be interpreted to deem Iconet or any Affiliate as Company’s or Consultant’s agent with respect to any Consultant Services, or expand or modify any warranty, liability or indemnity stated in the Terms of Service. For example, Iconet does not guarantee the performance, functionality, quality, or timeliness of Consultancy Services or that a Company can or will make payments.
6. OTHER TERMS
Together with the Iconet Terms of Service, these Service Contract Terms represent the entire agreement with Iconet and supersede all prior agreements and understandings with respect to the matters covered. You agree that you did not accept the Service Contract Terms based on any representations, whether written or oral, other than those contained herein. No modification of or amendment to the Service Contract Terms, nor any waiver of any rights, will be effective unless in writing signed by you and Iconet. Notwithstanding the foregoing, to the extent permitted by applicable law, Iconet may amend the Service Contract Terms with prior notice at any time. The posting of the amended Service Contract Terms on Iconet’s Site will constitute notice. Your continued use of the Service Contract after the effective date of a revised version of the Service Contract Terms or notice to you of updated Service Contract Terms constitutes your acceptance of its terms and agreement to be bound by its terms. In the event of a conflict between these Service Contract Terms and the Company payment terms, these Service Contract Terms shall govern; in the event of a conflict between these Service Contract Terms and any other agreement in the Terms of Service, these Service Contract Terms shall govern.