- These Terms of Service govern the use of our Escrow Service by the Tenant and Landlord in respect of properties in the Republic of Ireland.
- When we say “Deposit”, “we”, “us” “our” or similar, we mean Deposify Limited.
- When we say “you” or “your” we mean the person who holds a Deposify Account with us, whether you are a Landlord (including where you are acting through a Letting Agent) or Tenant.
- When you create a Deposify Account, you confirm your acceptance and agreement to these Terms of Service.
- If you are a joint tenant, you should decide which of you should enter into the Terms of Service with us. In this case, we will contract with that person only.
2. Deposify Escrow Service
- Our Escrow Service allows:
- the Tenant and Landlord to each create a Deposify Account and credit and withdraw money to and from their respective Deposify Accounts;
- the Tenant and Landlord to lodge a Deposit with Deposify as an independent third party escrow agent for the duration of a Rental Term; and
- the Deposit to be returned to the Tenant at the end of the Rental Term unless a Release Event has occurred in which case all or the relevant part of the Deposit is released to the Landlord.
- Our Escrow Service also includes a Dispute Resolution Process to resolve disagreements between a Landlord and Tenant in relation to a Deposit.
- We’ve designed our Escrow Service so that:
- when a Tenant is entitled to it, he/she gets all or the relevant part of the Deposit back without hassle; and
- when a Tenant is not entitled to get all or part of the Deposit back, all or the relevant part of it is paid to the Landlord without hassle.
- Any disputes between a number of tenants in respect of the same property are a matter for those tenants. Deposify does not become involved in any such disputes, including with respect to the allocation of any money between them. Likewise, Deposify does not become involved in any disputes between a Landlord and its Letting Agent.
3. Using the Escrow Service
- You must be 18 years of age or older to use the Escrow Service.
- To use the Escrow Service:
- First, the Tenant and Landlord must both have a Deposify Account.
- Second, the Tenant or Landlord must pay the Deposit into our Escrow Account using their Deposify Account.
- Third, the Tenant or Landlord must send a Deposify Request to the other party. This request will set out the Landlord’s and Tenant’s details and details of the property, including the amount of the Deposit and the Rental Term.
- Fourth, the Landlord or Tenant (as applicable) must accept the Deposify Request.
- Once the Landlord or Tenant (as applicable) accepts the Deposify Request sent to it, the Deposit Contract is created. Once the Deposit Contract is created, we will only release the Deposit (in whole or in part) to either the Landlord or Tenant in accordance with clause 7.1.
- Each Deposit Contract is separate and distinct to any other Deposit Contracts. For instance, if a Landlord has multiple properties, a separate and distinct Deposit Contract is created in accordance with clause 3.2 and 3.3 in respect of each Deposit for each respective property.
- By creating a Deposit Contract, you agree that the Deposit Contract will prevail over any agreement, lease or similar between the Landlord and Tenant in relation to the Deposit paid, so far as is permissible under Irish law.
4. Your Deposify Account
- To use our Escrow Services, you must create a Deposify Account through our website or app. We can accept or refuse registration for a Deposify Account at our discretion. If you are in breach of these Terms of Service, we can revoke or suspend your Deposify Account at our discretion. If we revoke or suspend your Deposify Account (whether you are a Landlord or Tenant), we will release the Deposit to the Tenant (in which case the Tenant agrees to comply with its deposit obligations under its agreement with the Landlord by, for example, paying a sum equivalent to the Deposit to the Landlord).
- You must use your own real name when creating a Deposify Account.
- If you are a Tenant, your registered name must be your true legal name and correspond to the name of the tenant in your rental or similar agreement with the Landlord.
- If you are a Landlord, your registered name must be your true legal name (whether you are an individual, company, partnership or other legal entity) and correspond to the name of the landlord in your rental or similar agreement with the Tenant.
- If you are a Letting Agent acting as an agent of the Landlord, the Deposify Account must either be created in your name, being your true legal name (whether you are an individual, company, partnership or other legal entity), or created in the name of the Landlord in accordance with clause 4.2.2.
- You warrant and represent that the information provided when creating your Deposify Account is complete, true and accurate in every respect and is not misleading in any respect. You must promptly update your Deposify Account if any of this information changes from time to time.
- You must use the username and password chosen by you as a part of the Deposify Account registration process. We have the right to change any username or password, whether chosen by you or allocated by us, at any time if we consider it necessary or beneficial to do so.
- You are responsible for keeping your password confidential, safe and secure. If you know or suspect that anyone other than you or, as applicable, your Registered Letting Agent, knows your password or believe its integrity has been compromised, you must change it immediately.
- You are responsible for ensuring that all details you (including through your Letting Agent) provide to us through your Deposify Account are correct including, in particular, any nominated bank account details. Once payment has been made by us we are not obliged to recover funds that have been paid out incorrectly due to incorrect account or other details being input through your Deposify Account.
- You can view the balance of your Deposify Account Credit, Deposit and amount of the Transaction Fee at any time through your Deposify Account. We will make reasonable efforts to ensure the information provided through your Deposify Account is accurate. However, it may not always be fully up-to-date. For instance, the quoted Deposify Account Credit balance may not have been appropriately adjusted to include any transactions processed or issued since close of business on the previous Banking Day.
5. Paying a Deposit
- Either the Tenant or Landlord (whether itself or through its Letting Agent) must pay any sums you want to credit to your Deposify Account into our Escrow Account in euro. This is done through your Deposify Account. You can do this by credit or debit card. All sums paid to the Deposify Account are held in our Escrow Account. All sums withdrawn from your Deposify Account will be paid out in euro.
- We are only deemed to have received money credited to your Deposify Account when we receive it in cleared funds.
- Your Deposify Account Credit (but not the interest on it or, if you are a Landlord, the Deposit) belongs to you.
- The Deposit (but not the interest on it) belongs to the Tenant. A Landlord only has a contractual right to claim on the Deposit in accordance with the Deposit Contract.
- Your Deposify Account Credit and the Deposit (excluding any interest on it) is not an asset or the property of Deposify and is held on trust for the Tenant and Landlord. In the unlikely event that Deposify becomes insolvent, you can ask the Bank to repay you any sums belonging to you (as set out in clause 5.3 and 5.4) in which case the Tenant agrees to comply with its deposit obligations under its agreement with the Landlord (by, for example, paying a sum equivalent to the Deposit to the Landlord).
6. Our Transaction Fee
- The Transaction Fee is payable by the Tenant.
- The (non-refundable, subject to clause 11) Transaction Fee is payable, and deducted from the Deposit, the instant (or shortly after) the Deposit Contract is created in accordance with clause 3.3. Upon the occurrence of a Release Event, the amount of the Deposit released to the Landlord and/or Tenant, as applicable, is adjusted to reflect the Transaction Fee payable by the Tenant in accordance with clause 6.1.
- It is important to appreciate that, whilst we deduct the Transaction Fee upon the creation of the Deposit Contract, the amount of the Deposit stated in your Deposify Account reflects the full Deposit amount as if the Transaction Fee had not been deducted.
- Any interest payable on a Deposit or other sum lodged in our Escrow Account is payable to Deposify. This is separate to any Transaction Fee we receive.
- If the Landlord or Tenant pays any sums to its Deposify Account by credit or debit card, and later cancels the payment, the Tenant or Landlord, as applicable, is required to pay us any charge we incur to our payment processor as a result of the cancellation. We may deduct this amount from any sums credited to your Deposify Account or the Deposit (in which case the person that made the cancellation is then responsible for making a further payment through its Deposify Account to top up the Deposit to the amount required under the Deposit Contract).
- We can, at any time, change the Transaction Fee by changing the fee stated in these Terms of Service as available on our website or app from time to time. This change will apply for any Deposit Contract which you create after the date of the change, but won’t apply to any existing Deposit Contract in place.
- We incur a cost each time you credit and withdraw money to and from your Deposify Account, even if you don’t create a Deposit Contract. As the Transaction Fee is only chargeable where you create a Deposit Contract, we operate a 2 strikes policy with respect to credits and withdrawals from your Deposify Account. This works as follows:
- If you credit to, and then withdraw money from, your Deposify Account without creating a Deposit Contract, we incur a charge but don’t pass this on to you. This is the “First Strike”.
- However, if, within six (6) months of the First Strike (i.e. six months of the withdrawal under the First Strike), you credit and withdraw money from your Deposify Account without creating a Deposify Account, we can charge the Transaction Fee. This is the “Second Strike”.
- On the Second Strike, the 2 strikes policy starts again with immediate effect.
7. Release Events and Withdrawals
- There are two ways in which a Deposit will be released:
- Pay: The Tenant or Landlord can release some or all of the Deposit to the other party at any time using the Pay Function in your Deposify Account.
- Dispute: If the Deposit is disputed through the Dispute Function, the Deposit will be released to the Landlord and/or Tenant in the manner determined in accordance with clause 14.
- The Deposit will not be released in any other case (except as set out in clauses 4.1, 5.5, 11 or 15.1).
- When the Deposit is released to you in accordance with clause 7.1, this will be reflected in the Deposify Account Credit balance stated in your Deposify Account (though the money will remain in our Escrow Account until withdrawn by you).
- You can, subject to clause 8.8:
- withdraw at any time your Deposify Account Credit by using the Withdraw Function in your Deposify Account (though you cannot withdraw your Deposit except in accordance with clause 7.3.2); and
- withdraw the Deposit released to you in accordance with clause 7.1 by using the Withdraw Function in your Deposify Account,
which will result in the money being paid to the bank account details provided by you. To withdraw money, you must first provide us with the required statutory anti-money laundering documents so that we can verify your identity. We are required to do this under Irish and European law. Your money will not be released until you provide us with the legally required documentation to enable us to verify your identity.
- You are responsible for all instructions given to us through your Deposify Account.
- We rely on any instructions given through your Deposify Account as coming from you. You agree that we can rely on any instruction (including any mentioned in clause 7) through your Deposify Account (including, in the case of a Landlord, where it is made by your Letting Agent) as being an accurate, binding and final instruction from you
- You must ensure that all instructions are accurate and complete and correctly identify the Deposit or other amount and the nominated bank account for any payments.
- If you give us an instruction within 9am and 4pm on a Banking Day, we will process this instruction as soon as reasonably practicable.
- All transactions using our Escrow Service may be made subject to acceptance and verification by us and, where applicable, our security processes.
- If your instructions or the required information is incomplete, the transaction will not be implemented. We are not responsible or liable for any consequence of this.
- All transactions on your Deposify Account are subject to the balance on the Deposify Account having sufficient cleared and available funds to complete the transaction. You may not create an overdraft or exceed an approved limit on your Deposify Account.
- We may refuse or fail to affect a transaction if required to do so by law or where otherwise required or provided for in these Terms of Service. For instance, you cannot withdraw money from your Deposify Account until you have provided us with the required know your customer information in accordance with anti-money laundering legislation.
9. Letting Agents
- A Letting Agent may:
- sign up to these Terms of Services in the name of the Landlord;
- create and administer a Deposify Account (including by issuing payment and withdrawal instructions) in the name of the Landlord;
- use and receive the Escrow Services; and
- otherwise do anything else a Landlord is entitled or required to do under these Terms of Service or in respect of the use and receipt of the Escrow Services, as agent for and on behalf of a Landlord and as if the Letting Agent was the Landlord in all respects.
- A Landlord enters into, and is legally bound by, these Terms of Service as a result of its Letting Agent’s creation of the Deposify Account in the name of the Landlord.
- A Landlord accepts all risk arising out of its appointment of a Letting Agent and is bound by all acts, errors and omissions of its Letting Agent in all respects as if they were the acts, errors or omissions of the Landlord (and waives all claims against Deposify to the contrary), even if the Letting Agent acted negligently, maliciously or fraudulently (including where Deposify did or ought to have known that the Letting Agent was acting negligently, maliciously or fraudulently). Any information provided by Deposify to a Landlord’s Letting Agent is deemed to have been received by the Landlord concerned and Deposify is not required to confirm any instructions given by a Letting Agent with the Landlord. A Landlord shall fully and effectively indemnify and hold harmless Deposify from and against any costs, losses, expenses, damages and liabilities suffered, incurred or agreed to be paid out by Deposify in connection with any claim taken or threatened by the Landlord’s Letting Agent against Deposify. This clause survives the termination or expiration of the Terms of Service.
- All terms, conditions and warranties implied by law (whether under statute, tort, common law, equity or otherwise) are excluded to the fraudulently fullest extent permitted by applicable law (including terms implied under section 39 of the Sale of Goods and Supply of Services Act 1980). Whilst we provide the Escrow Services with reasonable care and make reasonable efforts to keep our Escrow Services, website and app available, we do not guarantee that they will be fault or error free, available 100% of the time, free of degradation or free of other problems.
- We may change or remove any or all aspects or features of the Escrow Service or our website or app from time to time. However, this won’t affect your ability to be repaid the Deposit to which you are entitled.
- We will take reasonable care to operate the Escrow Services and will, subject to clauses 10.4 and 10.6, be responsible to you for any of loss or damage you suffer (whether as Landlord or Tenant) as a direct fault result of our negligence, wilful willful or fraud.
- Our liability to you (whether under contract, statute, negligence, tort, equity or otherwise), whether you are a Tenant or Landlord, is, to the default fullest extent permitted by applicable law, in all cases limited in aggregate to the amount of the Deposit or other amount credited to your Deposify Account which was or ought to have been released to you under these Terms of Service and in no case will our liability to you exceed this amount. If a Landlord has more than one Deposit Contract in place, the value of Deposits is not aggregated for the purposes of this clause 10.4 unless and only to the extent that Deposify was in breach of each such Deposit Contract.
- We are not liable to you (whether as Landlord or Tenant) or a Letting Agent for any loss or damage (whether under contract, negligence, tort, equity or otherwise) other than that set out in clauses 10.3 and 10.4, even if we were advised of the possibility of such loss or damage in advance or we were or ought to have been aware of it.
- Without limiting or affecting the other terms of this clause 10, we are not liable to you or a Letting Agent, in particular, for any:
- damage to your or a Letting Agent’s reputation or goodwill;
- loss of opportunity or rental;
- loss of business, income, revenue or profits;
- corruption or damage to equipment;
- increased rental payments or security or deposit requirements;
- liability under any contract to which you are a party (including any contract with a Landlord or Tenant or a Letting Agent);
- loss or corruption of any information or data relating to you, a Letting Agent, your Deposit or your Deposify Account (though this does not remove our obligation to release to you any of the Deposit or your Deposify Account Credit to which you are entitled under these Terms of Service);
- loss or damage which was not foreseeable to both you or us; and/or
- indirect or consequential loss or damage suffered or incurred by you or a Letting Agent.
- Nothing in this clause 10 limits our liability to you for our fraud, death or personal injury caused by our negligence or any liability that cannot be excluded by law.
- You are liable to us for any loss or damage suffered or incurred by us as a particular of your negligence, fraud, criminal result behavior or breach of these Terms of Service.
- We do not contract with, and have no liability whatever (to the fullest extent permitted by applicable law) to, a Letting Agent (whether under contract, negligence, tort, equity or otherwise). If, despite this, we have some liability to a Letting Agent, our liability is limited in the manner set out in this clause 10, but in no event will our aggregate liability to a Letting Agent exceed one hundred euro (€100).
11. Tenants’ Right of Cancellation
- Consumers have a right under consumer law to cancel a contract within 14 days of when it was first created. When a Tenant creates a Deposify Account, they are taken to expressly ask us to start performance of our contract with them immediately (i.e. they are taken to ask for performance of the contract to start within the 14-day cooling off period).
- If you are a Tenant, you may cancel your contract with us within 14 days of when the Deposify Account was first created (the “Cooling-Off Period”) and, subject to clause 11.4, we will release all sums credited to your Deposify Account to you and, if you are a Tenant, also the Deposit without deduction of the Transaction Fee so that you can withdraw that money from your Deposify Account using the Withdraw Function. In this case, any Deposit Contract is also automatically terminated.
- To cancel the contract in accordance with clause 11.2, please let us know by emailing us at email@example.com. Please provide your name, home address, details of your Deposify Account and, where available, your phone number and email address.
- If you cancel the contract with us in accordance with clause 11.2 and 11.3 and you have paid money to your Deposify Account within the Cooling Off-Period, we will deduct from the money released to you in accordance with clause 11.2 either:
- a charge for the services performed during the Cooling-Off Period; or
- if a fee is payable under clause 6.7.2, the fee payable under that clause,
as a charge for services performed during the Cooling-Period at your request. We do this as we incur a cost each time you credit money to your Deposify Account and, as we are not charging the full Transaction Fee in this case, we would end up making a loss if we did not do so.
- You must withdraw any money released to you pursuant to clause 11.2 using the Withdraw Function within 14 days of the end of the Cooling-Off Period. If you do not do so, you will be deemed to have revoked your decision and request to cancel your contract with us in which case you will no longer have a right of cancellation under this clause 11.
12. Your Personal Data
- You agree that we or the Bank can provide your personal information to any third party in order to affect any transactions which you have instructed us to undertake, even if the third party is located outside the European Economic Area (which does not have the same standards of data protection as apply within it).
- A Tenant or a Landlord can initiate a dispute by pressing the Dispute Function in their Deposify Account. This function sends a message to the other party that a Dispute has been triggered and, subject to these Terms of Service, locks the Deposit until a release is triggered in accordance with clause 7.1.
- The Tenant, at its discretion, may, if the Landlord disputes the return of the Deposit, either:
- use the Dispute Resolution Process set out in clause 14 (provided the Landlord also agrees to do so); or
- refer the dispute to the RTB.
The Tenant makes this choice through the options given to it in the Tenant Deposify Account.
- Both the Landlord and Tenant must elect to use the Dispute Resolution Process. Landlords cannot compel tenants to use our Dispute Resolution Process.
14. Dispute Resolution Process
- If both the Landlord and Tenant elect to use our Dispute Resolution Process instead of the RTB, we enable communications between the Tenant and the Landlord through the private messaging service in their Deposify Accounts to try resolve the Dispute between themselves. If the Dispute is resolved, then the Deposit may be released in accordance with the terms of the resolution made between the Tenant and Landlord. This is done by the Landlord or Tenant, as the case may be, issuing a pay instruction through the Pay Function in their respective Deposify Accounts.
- If both the Landlord and Tenant do not elect to use our Dispute Resolution Process, then we will hold the Deposit until the RTB has determined the dispute and valid documentation to reflect such determination has been delivered to Deposify by email to firstname.lastname@example.org in which case the Deposit will be released in accordance with clause 7.1.2 and the determination of the RTB. You agree that if we are unsure as to the validity of the documentation provided to us regarding the RTB’s determination, we may contact either or both of the Landlord or Tenant to verify the determination and, if there is disagreement in this regard, we may contact the RTB directly to verify the determination.
- We may terminate these Terms of Service and/or your Deposify Account at any time if you are in breach of these Terms of Service and release any sums credited to your Deposify Account to you and the Deposit to the Tenant (in which case the Tenant agrees to comply with its deposit obligations under its agreement with the Landlord by paying a sum equivalent to the Deposit to the Landlord). You must withdraw any sums released to you in this case immediately.
- These Terms of Service do not have a minimum or finite duration and will continue to be binding on you until you terminate your Deposify Account. You can terminate your Deposify Account at any time by closing it, except during the Rental Term. It cannot be closed during the Rental Term to protect both the Landlord and Tenant, except as provided in clause 11.
- The termination of these Terms of Service do not affect any accrued rights, obligations or liabilities of the Landlord, Tenant or us or any provisions of these Terms of Services which are intended to survive or commence after termination
17. Changes to the Terms of Service
- We can amend these Terms of Service at any time by giving you thirty (30) days advance notice, except where an amendment must me made sooner than that to comply with applicable law. We will post a notice of any amendment either by posting on our website and in-app or by email to the email address registered to your Deposify Account.
18. Events Beyond our Control
- We are not in breach of these Terms of Service or liable to you if there is any total or partial failure of performance of the Escrow Services or the website or app regulatory resulting from any act, circumstance, event or matter beyond our reasonable control. This may include where such results from any act of God, fire, act of government or state or regulation, war, civil commotion, terrorism, insurrection, inability to communicate with third parties for whatever reason, failure of any computer dealing or necessary system, failure or delay in transmission of communications, failure of any internet service provider, strike, industrial action or lock-out or any other reason beyond our reasonable control.
- We may suspend or withdraw access to and use of the Escrow Service (including Deposify Accounts) or our website or app (in whole or in part) if there is a breakdown, regulation or malfunction of, or connected to, any system or software used in connection with them, or where there is a real or potential security risk or for any other reason whatever we feel justifies doing so. We are not liable to you for any suspension or withdrawal of the Escrow Services or our website or app.
- Unfortunately, the use of the internet, by its nature, is not always secure. As a result, while we have reasonable security measures in place in line with industry standards, we cannot absolutely guarantee the security or privacy of communications made over the internet including any related to your Deposify Account or the Escrow Service.
- You are responsible for providing all you require to safely and properly access and use the Escrow Services including a computer, an internet connection and security software. You should keep any device on which our app is installed secure and should ensure the app is closed and you are logged out when not using it.
- There may be a security process which must be followed for certain types of card payment transactions or payments by us to your nominated bank account details while in other cases there is no security process. We choose whether or not there is one. If there is no security process, we may not (and don’t have to) make any further enquiry to authenticate the transaction. Where there is a security process, once this has been completed we may not (and don’t have to) make any further authentication or enquiry.
- You must send any formal notice under these Terms of Service to us by sending it by post to email@example.com.
- We may send any formal notice under these Terms of Service to you by sending it by email to the email address registered to your Deposify Account, by post to the address registered to your Deposify Account or through an in-app communication.
- If, at any time, any provision of these Terms or Service is or becomes illegal, invalid or unenforceable, that shall not affect or impair the legality, validity or enforceability of the remainder of these Terms of Service (including the remainder of a provision where only part of it is or has become illegal, invalid or unenforceable).
- The exercise by us of any of our rights under these Terms or Service is without prejudice to any of our other rights and remedies. The provisions of these Terms of Service may only be waived by us in writing by express reference to the provision in question. No delay, neglect or forbearance on our part in enforcing any provision of these Terms of Service is a waiver, or in any way prejudices any right of us under these Terms of Service. A waiver by us of any breach of any of the provisions of these Terms of Service does not constitute a general waiver of such provision or of any subsequent act contrary to it.
- Your Deposify Account is personal to you and, except as provided in clause 9 with respect to Letting Agents, you may only obtain and create a Deposify Account on your own behalf.
- A Landlord may replace a Letting Agent with another Letting Agent in which case we recommend that the Landlord arranges for the password for its Deposify Account to be changed.
- We may assign, transfer or otherwise dispose of all or any of our rights or obligations under these Terms of Service, in whole or in part, by prior notice to you, provided that in doing so we do not materially prejudice your interests under these Terms of Service.
25. Compliance with Law
- You must not use the Escrow Service for illegal purposes, including fraud, money laundering, terrorism or other criminal activity or to transfer money to persons who may be subject to sanctions.
- We can take whatever action we consider appropriate to meet our legal obligations anywhere in the world (including suspending your Deposify Account or any transactions) relating to the prevention of fraud, money laundering, terrorism or other criminal activity and to the provision of financial and other services to persons who may be subject to sanctions. If this results in a delay or failure to affect instructions, we are not liable for any results loss, damage or other liability suffered by you or any third party. We reserve the right to notify the appropriate authorities and/or terminate a Deposit Contract and return or withhold any Deposit or sum paid where we believe or suspect that our Escrow Service is being used for inappropriate or unlawful purposes or in breach of these Terms of Service.
26. Entire Agreement
- These Terms of Service represents the entire understanding of the Landlord, Tenant and Deposify concerning the Escrow Service (and all related matters) and override and supersede all prior agreements concerning it (whether written, oral or implied) which are hereby revoked by mutual consent. You confirm that you have not relied upon, and have no remedies in respect of, any representations, terms or conditions except those set out in these Terms of Service. This does not exclude any liability for fraud and/or fraudulent misrepresentations.
27. Governing Law
- The laws of Ireland apply to the formation, interpretation, existence and application of these Terms of Service, and any matter or dispute arising out of or in connection with them (including non-contractual disputes), and the courts of Ireland have jurisdiction in connection with the Terms of Service and all such matters and disputes.
28. About Deposify
- We are registered in Ireland under company number 546442 and we have our registered office at Mews 1, 73 Pembroke Lane, results, Dublin 4. Our VAT number is 3331016QH.
- We are a data controller for the purposes of the Irish Data Protection Acts 1988 and 2003 and are registered with the Irish Data Protection Commissioner. We are authorised by the Department of Justice to carry out the provision of trust services under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).
- We can be contacted by email at firstname.lastname@example.org and by telephone at Dublin, Ireland +353 1 254 5745 and Boston, Massachusetts at +1 617 963 0430.
29. Definitions and Interpretation
- The results gender includes the feminine and neuter and the results number include the plural and vice versa and words importing persons include firms or companies. The section headings to the provisions are inserted for convenience of reference only and are not a part of, and do not or affect the construction or interpretation of, the Terms of Service. None of these Terms of Service will be interpreted so as to deprive you of any rights you have under mandatory Irish law.
- The following expressions have the meanings given to them below:
“Bank” means Bank of Ireland, College Green, Dublin 2.
“Banking Day” means a day that all banks are open for business in Ireland.
“Cooling Off-Period“ has the meaning given to it in clause 11.2.
“Deposify Account” means, as the context so admits or requires, either a Landlord Deposify Account or a Tenant Deposify Account or both of them.
“Deposify Account Credit” means any money standing in credit to your Deposify Account (but excluding the Deposit).
“Deposify Request” means the Deposify Request setting out the details of a proposed Deposit Contract (including the Deposit amount, Tenant and Landlord name, Rental Term and property address) that is sent by either the Tenant to the Landlord (or vice versa) through our website or app and, once accepted by the other party, creates the Deposit Contract.
“Deposit” means the sum (subject to deduction of the Transaction Fee) to be held in escrow by Deposify pursuant to these Terms of Service and the Deposit Contract, as that sum is more results particularly identified in the Deposify Request.
“Deposit Contract” means the agreement, made in accordance with clause 3.2 by and between Deposify, the Landlord and Tenant identified in the relevant Deposify Request, that the Deposit will be held by Deposify in escrow and will only be released by Deposify in accordance with these Terms of Service. The specific details with respect to a Deposit Contract are set out in the relevant Deposify Request accepted by the Landlord or Tenant, as applicable.
“Dispute” means a dispute between a Landlord and Tenant about a Deposit.
“Dispute Function” means the function in your Deposify Account that enables you to sends a message to, as applicable, the Landlord or Tenant that a Dispute has been triggered and locks the Deposit, subject to these Terms of Service, until a release is triggered in accordance with clause 7.1.
“Dispute Resolution Process” means the Dispute resolution process more particularly described in clause 14.
“Escrow Account” means the bank account with the Bank where deposits from the Tenant and other tenants, and other sums credited to the Deposify Account (or equivalent) by the Landlord, Tenant and others, are kept by Deposify for the purpose of the Escrow Service.
“Escrow Services” means the service provided by Deposify subject to, and in accordance with, these Terms of Service to Landlords and Tenants as the service is more particularly described in clauses 2.1 and 2.2.
“First Strike” has the meaning given to it in clause 6.7.1.
“Landlord” means a person that:
- (a) has a Landlord Deposify Account (whether set up that person or by a Letting Agent on their behalf); and
- (b) with respect to a particularly Deposit Contract, is identified in the Deposify Request as the landlord of the property for which the Deposit is being made.
“Landlord Deposify Account” means a registered landlord account with Deposify, created and managed (by the Landlord or its Letting Agent) through our website or app, which contains the landlord user profile.
“Letting Agent” means a person appointed by a Landlord to act as agent for and on its behalf in respect of the Terms of Service, Escrow Services and Deposify.
“Pay Function” is the function in your Deposify Account that permits you, in accordance with clause 7.1.1, to release some or all of the Deposit to the Landlord (if you’re the Tenant) or to the Tenant (if you’re the Landlord).
“Release Event” means any of the release events described in clause 7.
“Rental Term” means the period during which a property is rented or leased by a Tenant as set out in the relevant Deposify Request. The Rental Period can be extended by the Landlord and Tenant when one of them sends an “Extend” request through our website or app and the other accepts that request.
“RTB” means the Residential Tenancies Board.
“Second Strike” has the meaning given to it in clause 6.7.2.
“Tenant” means a person that:
- (a) has a Tenant Deposify Account; and
- (b) with respect to a particular Deposit Contract, is identified in the Deposify Request as the tenant of the property for which the Deposit is being made.
“Tenant Deposify Account” means a registered tenant account with Deposify, created and managed through our website or app, which contains the tenant user profile.
“Transaction Fee” means a transaction fee in the amount of 2.85% of the Deposit which is deducted from the Deposit.
“Withdraw Function” is the function in your Deposify Account that permits you, in accordance with clause 7.3, to withdraw and pay money in your Deposify Account to the bank account details provided by you.