Several Terms of Service Documents have been changed, effective February 12, 2014.
Here is a summary of the key changes:
- All payments that you make or receive through the Site will now be collected and held in a separate escrow trust account by Elance Escrow Corporation (EEC). EEC is a wholly-owned subsidiary of Elance, Inc., and is licensed and regulated as an Internet Escrow Agent by the California Department of Business Oversight. As a licensed and regulated escrow agent, EEC is required to act as a fiduciary to protect your escrowed funds. This extension of escrow protections requires us to change provisions throughout numerous documents in the Terms of Service, so please read through all the new documents carefully. This change means that you have even more protection for the money held in your Account.
- Elance will no longer charge a $5 monthly Inactive Account fee. This is reflected in the Account Agreement.
- Elance Escrow Corporation (EEC) will charge an Escrow Fee of $5 per month. However, users who meet any of the following criteria are exempt from this fee:
- if your Elance Account Balance is $0 at any time during the past 60 days.
- if you maintain a paid freelancer membership.
- if you are a Private Talent Cloud Client and current in your other obligations to Elance.
This is merely a high-level overview of our new Terms of Service, which are effective beginning February 12, 2014.
We realize that these documents are detailed, and not all of them apply to all Users. But they are extremely important, so please take a moment to read through this new material. By doing so you help Elance continue to deliver a successful and rewarding online work experience for all Users.