These Terms of Service (“Terms”, “Terms of Service”) govern your use of the Castler Services (together or individually “Service”) operated by Ncome Tech Solutions Private Limited (interchangeably “Company”, “we”, “our”, “us”, “Castler”, which shall, to the extent permitted by all Applicable Laws, include Ncome Tech Solutions Private Limited and its Group Companies, affiliates, partners, Service Providers, subsidiaries and parent company). Your agreement with us includes these Terms and our Privacy Policy (“Agreements”). You acknowledge that you have read and understood Agreements, and agree to be bound by them. These terms and Conditions shall be effective and legally binding on the date when (a) Customer creates an Account, affirmatively accepts the Agreement in writing or electronically; or (b) otherwise uses the Services. Subsequently, these Terms and Conditions shall be continued until your termination of use of the Account or the Services. Your acceptance of these Terms and Conditions shall serve as confirmation that you fully understand and accept all the provisions in these Terms and Conditions. If you do not understand any of these Terms and Conditions, you are advised to obtain independent legal advice.
Definitions
“Currency” means the currency in which the Escrow Amount is denominated as per the Escrow Agreement
“Escrow Account” means the account maintained and operated by the Global Banking partner for the purpose of holding Escrow Amount
“Escrow Agreement” means an escrow agreement for the sale and purchase of Products & Services through Castler in accordance with the Escrow Terms and Conditions
“Escrow Amount” means the funds in the escrow account as per the Escrow Agreement
“Escrow Dispute” means any bilateral dispute arising in connection with a Transaction or Escrow Agreement between the Transacting or Escrow Parties
“Force Majeure” means events or causes including, but not limited to, the following: an act of God, peril of the sea, unavoidable accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, flood, cyclone, earthquake, landslide, explosion, power or water shortage, failure of a transmission or communication network, epidemic, quarantine, strike or other labour difficulty or expropriation, restriction, prohibition, law, regulation, decree or other legally enforceable order of a government agency, breakage or accident, change of International, State or Commonwealth law or regulation or any damage of Castler’s machinery or systems, unless occurring as a result of an act, omission, default or negligence of you or Castler.
“Global Banking Partner” means a licensed provider of the payment services that Castler has contracted to obtain specific payment services including collecting, holding, disbursing, or remitting funds internationally.
“Prohibited Industries” means the list of industries, as determined by Castler, that the Escrow parties should not be associated with to be able to use escrow service
“Prohibited Countries” means the list of countries that Castler does not allow the Product & Services to (a) originate from (b) pass through or (c) to be delivered in
“Proof of Shipment” means documents required as per the escrow agreement for fulfilling the terms of the agreement.
“Third-Party Service Provider” means all types of service providers to the company, including Financial Partners and Global Banking Partners.
“You” or “Your” means any person who enters into an Escrow Agreement
General
- The company owns and operates Castler (https://global.castler.com, https://castler.com )
- You expressly employ, authorize, and instruct Castler to act as escrow agent in connection with each Escrow Agreement subject to Escrow terms & Conditions
- You expressly employ Castler to act as a Service Provider for the purposes of collecting, holding, disbursing, or remitting the Escrow amount internationally
- All communications shall be made in the English language
- By using the Escrow service, you accept the escrow terms and conditions, and your intent and agreement to be bound by them
- Castler engages third-party service providers from time to time to deliver its services. Terms and Conditions of the service providers are incorporated in Castler Terms and Conditions by reference. You will not interact directly with these service providers. Notwithstanding, by accepting the Castler Terms & Conditions, you agree that you are bound by the terms and conditions of the third-party service providers referred to in Castler Terms and Conditions.
- We do not and may in no situation be deemed to provide any tax or legal advice or approval or counsel with respect to Outbound Payment, their amount and timing, nor with respect to your relationship with a Payee nor a European Union Tax Administration nor your tax, legal or business status nor situation.
KYC Verification
- Your use of our Services is subject to Know Your Customer (“KYC”) and approval processes. We have the right to request information including, but not limited to, information on your identity, your business, and the shareholders of the business registering for an Account.
- You agree that the information provided by you to us is accurate, complete, and latest. Inaccurate, incomplete, or invalid information may lead to immediate termination of your account and services.
- You agree that we may take means to check and verify the information you provided, including using third-party intermediaries or databases, as necessary to validate your identity. Such means may include requests for additional information and documents prior to using or during the use of our Services, including, but not limited to, documents allowing us to verify the identity of you or your entity’s shareholders, proof of address or ownership, and additional business-related information or documents.
- We shall be entitled to deny your use or your continued use of the Services if you fail/refuse to provide the information requested by us under this Section.
Escrow Agreement
- Castler provides the Escrow Service to all registered users on the Castler Global portal
- You are required to provide Escrow transaction information while creating an Escrow agreement as a document containing such information as (but not limited to)
- Details of the Products & Services
- Details of the Escrow Parties
- Details of the shipment and delivery of Products & Services
- The conditions to be fulfilled for Castler to release the Escrow Amount to the seller
- Countries where Products & Services (a) Originate from, or (b) will be delivered
- Currency in which funds will be received and to be transferred
- Castler prohibits the use of Escrow Service for (a) Prohibited Industries – Schedule A (b) Prohibited Countries – Schedule B, (c) illegal, unlawful, criminal, banned activities, or (d) violating any domestic and international laws or regulations
Escrow Account
- The company has engaged global banking partners to provide Escrow payment service
- Global banking partners operate and maintain Escrow Accounts & hold Escrow Amounts
- Castler allows the opening of Escrow Accounts in US Dollars (USD), British Pound (GBP), EURO (EUR), and Singapore Dollars (SGD). We may, at any time at its sole discretion, enable or disable any currencies. Escrow Accounts denominated in these currencies are held with banks established Singapore.
Deposit of funds
- Castler will notify you on receipt of funds in your digital Escrow Account
- There may be a time lag between the remitter’s deposit and when the escrow amount is reflected in the Escrow Account balance on the dashboard, due to inherent delay in Cross Border
- Escrow Amount does not earn any interest
Transfer of funds
- For transfer of funds, the seller must upload proof of shipment or other documentary proof as per the escrow agreement
- The company has the right to ask you to provide an explanation, clarification, and information to verify the documents
- You are solely responsible for the accuracy and validity of the information provided by you. Castler will process transactions based on the information provided by you and takes no liability whatsoever for erroneous credits to beneficiaries.
- Fund transfer will be processed on the same day if the transfer has been initiated on or before the cut-off time of 10.30 AM IST
- You shall ensure that your Beneficiary Account information is true, accurate, and complete. We shall in no event be held responsible for funds being sent to the wrong bank account as a result of your provision of untrue, inaccurate, or incomplete Beneficiary Account information.
- In the event that the payment is rejected due to untrue, inaccurate, or incomplete Beneficiary Account information provided by you, you shall solely be responsible for relevant Fees and we may directly deduct such Fees from your Balance.
- In case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and, if reasonably feasible, recovering such payments, but we shall in no event be liable for any payments that cannot be recovered. All our additional costs in relation thereto shall be borne by you.
- You shall ensure that your Beneficiary Account is in good standing and able to receive Funds. If your Beneficiary Account bank rejects the fund transfer from us, Funds will be held with us until a valid Beneficiary Account is provided. All costs associated thereto shall be borne by you.
- Castler shall be entitled to reject any Beneficiary Accounts that do not comply with Castler’s compliance requirements and/or if payments to such Beneficiary Account would violate Applicable Laws. You shall provide another Beneficiary Account so that we can continue to provide the Services to you.
- Castler may refuse to execute an Outbound Payment Order in case of a technical issue or if the information provided by the Customer is untrue, inaccurate, or incomplete.
- After receiving the fund transfer Instruction, we will initiate a fund transfer request in the amount and currency you selected. Any Fees charged by the bank of your Beneficiary Account shall be your sole responsibility and we shall not be liable for such fees.
- Where Beneficiary currency is different from sender’s currency, the transfer to the beneficiary is subject to currency conversion
- From time to time, we will identify on the Website the currencies for which the Service is available. Available currencies are subject to change at our sole discretion
- You agree not to use the Services for any unlawful activity and Castler reserves the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, Castler reserves the right to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.
Dispute
- Any dispute between the Users in relation to a transaction is between the Users. Castler will not get involved beyond its obligations under the Trade. Castler may offer assistance or facilitate the resolution of a dispute between Users if a dispute between Users arises but is under no obligation to do so. The Parties hereby agree to use their best efforts to negotiate in good faith during the dispute to reach a resolution that is satisfactory for all parties.
- In case of dispute, Castler will hold the funds in the Escrow Account
- Till parties resolve the dispute and confirm to Castler, Confirmation of both buyer and seller is required for the final release of the funds or
- It receives an order from an arbitrator or
- It receives an order from an appropriate court of law or similar legal body.
- Confirmation of both buyer and seller is required for the final release of the funds
- Castler will disburse the funds as per confirmation by both the parties
- In case of dispute between the Parties, the Escrow Agent will hold the funds in the Escrow Account till the dispute is resolved and written confirmation from authorized officials is provided to Castler by Parties either in writing or by sending an email at info@castler.com.
Escrow Fees
- Castler shall advise you of all Fees that may be charged by us for use of the Escrow Account. Acting reasonably, and the following notice to you, we may from time to time adjust existing Fees or introduce new Fees.
- You shall pay all fees from time to time adjusted by us and your continued use of the Castler Services indicates your continued acceptance of the Fees. When we adjust our Fees, we will send you an email notification (if required). If you have any questions or are unclear as to any Fees, you should contact our Customer Support.
Liabilities & Indemnification
- You agree that you solely bear all risks from your use of the Escrow service without any recourse whatsoever to the company
- You shall indemnify, defend, save and hold harmless the company, its relevant person, and affiliates from losses and claims due to your violation of the Escrow Terms and Conditions.
- If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions over a country or beneficiary, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.
- You shall solely be responsible for reporting to all applicable government tax authorities all Funds underlying your use of the Services and for the payment of any applicable taxes that apply to such payments as well as any other applicable reporting requirements including, but not limited to, any customs or foreign currency controls. We may request you to provide proof of payment of taxes as and when it considers necessary and appropriate.
- Castler shall not be liable to you or any third party for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you resulting from the failure or delay of Castler to execute any transfer in accordance with the instructions from you.
- Castler shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are deposited in your account or transferred to your personal or your receiver’s account.
- You hereby indemnify and hold blameless Castler, its directors, officers, employees, and agents from and in respect of any loss, damage, liability, cost or expense that it may suffer or incur by reason of you failing to discharge your obligations under or acting in breach of any of these T&Cs or any breach of any applicable law or regulation.
Protection of Data
- We will ensure that all your personal information is held in accordance with the data privacy and security provisions of Applicable Law and our published Privacy Policy. Your use of the Services is subject to the Privacy Policy which you agree to as part of these Terms and Conditions. Please make yourself familiar with the Privacy Policy by visiting it on our website. Castler in its sole discretion may amend the Privacy Policy by an update on the Privacy Policy page of the website. You may review the Privacy Policy at any time by clicking on the Privacy Policy on the website.
- YOU ACKNOWLEDGE AND AGREE THAT CASTLER RESERVES THE RIGHT TO ACCESS AND DISCLOSE PERSONAL DATA RELATING TO YOU TO THIRD PARTIES TO COMPLY WITH ALL APPLICABLE LAWS AND LAWFUL REQUESTS FROM GOVERNMENT AND/OR OTHER REGULATORY AUTHORITIES, AND/OR TO PROVIDE SERVICES OF CASTLER OR PROTECT CASTLER, ITS CUSTOMERS, AND OTHER USERS.
Laws and Jurisdiction
The provision of the Service and any dispute or claim arising out of the provision of the Service is governed by Singapore law. Any dispute or claim arising out of or in connection with the Service will be subject to the exclusive jurisdiction of the courts of Singapore. .
By using service or other services provided by us, you acknowledge that you have read these terms of service and agree to be bound by them
Prohibited Industries – Schedule A
Following merchant categories/industries are prohibited by Castler for onboarding .
- Weapons, ammunition, military arms, explosive devices, and firearm parts
- Adult entertainment
- Gambling including digital and physical establishments (casinos)
- Multi-level marketing, Ponzi, or pyramid schemes
- Production, sale, trading, or servicing of illegal goods/services including but not limited to stolen/ counterfeit goods/trademark infringement, human trafficking, child labour, prostitution, illegal drugs etc.
Prohibited Countries – Schedule B
Following countries are prohibited by Castler for all transactions
- Belarus
- Crimea
- Cuba
- Ukraine
- Iran
- Libya
- N Korea
- Russia
- Sudan
- Syria
- Venezuela
