Escrow Policy
Last Updated: February 2026
1. Introduction
This Escrow Policy explains how escrow works when it is used in connection with auctions on GarirNilam. Escrow is optional and may be required or offered for certain auctions. By participating in an auction that uses escrow, you agree to this policy and the escrow terms set for that auction.
2. What Is Escrow
Escrow is a sum of money (or other agreed security) that the buyer deposits before or in connection with the purchase. The funds are held by GarirNilam (or our designated agent) until the transaction is completed or the auction is cancelled. Escrow helps protect both the buyer and the seller by ensuring that payment is secured until the sale is finalised.
3. When Escrow Applies
Escrow is not required for every auction. When an auction is created or scheduled, GarirNilam or the moderator may set an escrow requirement and the escrow amount for that specific auction. The auction listing will indicate whether escrow is required and the amount. If you bid on and win an auction that requires escrow, you must pay the escrow amount within the specified timeframe in addition to the winning bid and other applicable fees.
4. Escrow Amount and Terms
The escrow amount and any specific terms (e.g. when it must be paid, how it is held) are set per auction. These may vary by vehicle value, seller, or other factors. The exact amount and terms will be shown on the auction page and in any communications related to the sale. By placing a bid on an auction that requires escrow, you agree to the escrow amount and terms for that auction.
5. Release and Return of Escrow
When the transaction is successfully completed (payment of the full amount and applicable fees, and handover of the vehicle as agreed), the escrow will be released to the seller or applied toward the purchase as set out for that auction. If the auction is cancelled, the buyer defaults (fails to pay), or the sale does not complete for another eligible reason, the escrow may be returned to the buyer in whole or in part, or forfeited as set out in our Terms & Conditions and the terms for that auction. GarirNilam will follow the applicable terms when deciding release or return.
6. Contact
For questions about escrow or a specific auction's escrow terms, contact us at contact@garirnilam.com or through the support options on our website.