In order to make use of secure payment, both contracting parties are required to have Barion Wallets registered on TC Platform. The Buyer shall agree to put the amount equal to the Consideration on hold on their Barion Wallet within 24 hours of concluding the contract, as detailed below. When clicking “Payment” in the “Contract details” section, the Buyer will be redirected to the online surface of Barion, where the amount can be transferred to their Barion Account if needed and the transaction needs to be confirmed here so that the Consideration set out in the contract can be put on hold. The amount is remitted to the Seller as beneficiary only with the approval of Trustchain Systems Ltd. - as performance assistant. Trustchain Systems Ltd. approves the transaction if the terms and conditions set out in the contract, as well as the ones detailed below are met. In addition to the consideration, the Buyer shall also transfer and put on hold the amount of Service Fee, which will be released and transferred to Trustchain Systems Ltd.’s Barion Wallet at the time of the last installment of the consideration being paid. After the contract has come into force, the amount put on hold in the Buyer’s Barion Wallet remains inaccessible (i.e. the Buyer cannot dispose of it) until Trustchain Systems Ltd. approves the transaction or the one-year maximum limit for having the relevant amount on hold is exceeded.
The contract enters into force provided that and at the time when the Buyer proceeds in line with the above mentioned with regards to the Consideration and the applicable Service fee within 24 hours of concluding the contract. If the amount of the Consideration and the applicable Service fee is not put on hold within the aforementioned deadline according to the conditions described above, the contract will be automatically terminated without entering into force. On the Platform, the draft contract will be editable again and the parties may conclude the contract again after renegotiating the content of the draft contract, if they intend to do so. In the case of opting for secure payment, the parties must use a Completion Statement and they must link the payment terms to the issuance of the Completion Statement(i.e. in the case of single payment, the payment is linked to the issuance of the Completion Statement, while in the case of installment payments the payment of one optional instalment is linked to the issuance of the Completion Statement).
Trustchain Systems Ltd. approves payments initiated in the amount and currency of instalments specified in the applicable contract to the Seller’s Barion Wallet only if the Buyer makes a legally binding declaration (i.e. signed by the company’s executive officer) to requestTrustchain Systems Ltd. to approve the payment. Such a declaration can be generated by the Platform or issued by the Buyer. If the Seller forwards the invoices issued relating to the subject of the applicable contract to the Buyer via the Platform (i.e. the Seller utilizes TC Platform’s “Contract details” section to upload and sign the applicable invoices), those invoices will be sent to the buyer for signing. If the buyer signs the relevant invoices, it will be assumed that the buyer does not dispute the applicable invoice, and does not question its content. Together with the invoice, the Payment Declaration generated by the TC Platform will be sent to the Buyer, as well. By signing this Payment Declaration, the Buyer fulfills the obligation to make the declaration described above. If the Buyer prepares and signs the Completion Statement by means of the Completion Statement module integrated in TC Platform, they fulfill their obligation to make the declaration described above. However, in this case, Trustchain Systems Ltd. approves payments only if they are notified in a legally binding manner that the Buyer did not raise any objections to the invoice issued based on the Completion Statement (i.e. the invoice has not been disputed and its content has not been questioned either, as detailed above).