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Re: What happens to excess funds in escrow?

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Community Guru
Jennifer D Member Since: Feb 15, 2016
1 of 5

I created a fixed price job offer with a fully-funded escrow deposit of $825. After the freelancer had reviewed the file I attached to the offer, she advised that because there was a lot of repetition in the file, she could offer me a discount and instead complete the job for $600 and suggested I make a new offer. I changed the terms of the original offer (which withdrew it and created a new one) for $600.

 

Now I can see in my Fixed Price Deposit there is a milestone labelled "0" and saying it is a "remainder", for $225:

 

Remainder.PNG

 

But on the contract page, this "0" milestone doesn't show up and it shows my budget is $600:

 

Milestone.PNG

 

What happens to the $225? Will it be refunded or does it sit in escrow in case I need to pay this freelancer more (which I may need to do)?

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Community Guru
Joynul A Member Since: Jun 27, 2015
2 of 5

Hi,

I think it will take few days to available your money on your profile . You can contact with customer support about this matter .


@Jennifer D wrote:

I created a fixed price job offer with a fully-funded escrow deposit of $825. After the freelancer had reviewed the file I attached to the offer, she advised that because there was a lot of repetition in the file, she could offer me a discount and instead complete the job for $600 and suggested I make a new offer. I changed the terms of the original offer (which withdrew it and created a new one) for $600.

 

Now I can see in my Fixed Price Deposit there is a milestone labelled "0" and saying it is a "remainder", for $225:

 

Remainder.PNG

 

But on the contract page, this "0" milestone doesn't show up and it shows my budget is $600:

 

Milestone.PNG

 

What happens to the $225? Will it be refunded or does it sit in escrow in case I need to pay this freelancer more (which I may need to do)?


 

Joynul Abedin
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Community Guru
Jennifer D Member Since: Feb 15, 2016
3 of 5

I'd still like a reply from a Mod (or another client experienced with fixed price contracts) if possible.

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Moderator
Valeria K Moderator Member Since: Mar 6, 2014
BEST ANSWER
4 of 5

Hi Jennifer,

 

Sorry about the delayed response. I checked and can confirm that you have $825 funded in Escrow for this contract. Once you release the milestone of $600 to the freelancer, you can either create a new milestone and fund it with the remainder of the money in Escrow or request for the remainder to be refunded back to you.

~ Valeria
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Community Guru
Jennifer D Member Since: Feb 15, 2016
5 of 5

Thanks Valeria!

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