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Contract Assurance Account. How to Question.
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Mai'n
420 Dispensaries United
#1 - 2011-12-31 20:40:10 UTC
Contract Assurance Account. How to Question.


Iam the CEO of a Contract Merc corp, As part of our risk management fund for our clients I would like to
place 1-20B depending on the contract as escrow funds in the event of loss or failure
to perform. Advice?

also need services of CFO> ISK Hrly rate for audit diligence.


Regards,

Mai'n
Caliph Muhammed
Perkone
Caldari State
#2 - 2012-01-01 16:23:26 UTC
Mai'n wrote:
Contract Assurance Account. How to Question.


Iam the CEO of a Contract Merc corp, As part of our risk management fund for our clients I would like to
place 1-20B depending on the contract as escrow funds in the event of loss or failure
to perform. Advice?

also need services of CFO> ISK Hrly rate for audit diligence.


Regards,

Mai'n



I will act as escrow for your merc service and pay 1% per month interest into the fund for doing so. However, you have to lay out in clearly defined terms what constitutes a failure specifically and any additional clauses that may need to be considered.

Lets say you have a contract to destroy a POS. Is failure absolute when you haven't destroyed it by X date? What if the server is down? What if the guy who hired you to do so reveals the plan and causes it to fail?

Or perhaps a seek and destroy contract. You are paid to kill X ships. What if those ships do not undock? What if the targets refuse to even log in?

What I suggest is having the funds in escrow and forwarding a copy of the contract to the escrower as well. And in doing so make sure every clause and nuance you can think of is covered in the contract. Because if it's not in the contract it will not be considered when the time comes to arbitrate a dispute.
Lauren Hellfury
Super Happy Awesome Fun Times
#3 - 2012-01-01 17:59:26 UTC
If your clients aren't wanting to trust you then just negotiate alternate payment methods.

They give you isk for wardec+a bit. Rest goes to trusted 3rd party (check services board). When contract is complete you get the isk from the 3rd party.

Your client gets to pay the 3rd party fee, of course.


Why attempt to complicate things by putting your own isk up as collateral, then getting them to pay you yadda yadda yadda.

I'd also not worry about contract nazis. If you get someone who becomes really anal about things you got two simple choices.

1) Chalk it up to experience and walk away.

2) Pound the ****** 'til he shuts up. (You are a *combat* merc corp right?)

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