How Are Funds Released From Escrow?
Once the contractor completes the work and requests payment for a milestone, the client has 15 days to review the work and either approve the release of funds from escrow or dispute the request. If no action is taken by day 15, the payment is marked as “Overdue” and a reminder is sent to both parties. If the client has still not made payment 30 days after the release request, funds held in escrow are released to the contractor. Work-n-Hire will send multiple notifications alerting the client that the 30 day deadline is nearing.
Alternately client can himself release the amount from escrow by following these steps
- Login to Work-n-Hire Account.
- Go to manage payment page by clicking Manage Payment in the Payment submenu.
- Select the escrowed invoice by selecting the filter with escrow.
- Click on Release fund link.