This page describes the applicable steps when a buyer and a seller want to transfer a domain between them through Uzom.com by the use of installments.
The domain transaction price might be in specific circumstances too big for the buyer to pay upfront.
However the parties can agree to an installment setup, where the buyer pays the seller through Uzom.com monthly amounts for a specified duration.
Uzom.com holds the domain name in escrow and manages the flow of such payments. Upon completion of the payment schedule, the domain is taken out of escrow and is given to the buyer.
Over the duration of the payment plan, as long as payments are up-to-date, the buyer can control the domain's nameservers configuration and where it points to.
If the buyer fails to keep up with the payments, then the payments are forfeited (and considered as rent for the usage of the domain during the installments period) and the control of the domain is given back to the seller.
The buyer, upon a failed transaction, will get several notifications by email that this happened, and a 30-day notice period during which the payment might be retried (including with other alternative payment instruments) to get back into the agreed payment scheduled.
The seller gets the installments incrementally as they are made by the buyer, with a delayment period of up to 30 days to allow proper processing and anti-fraud verifications, minus any applicable processing fees.
The duration of the installment plan can be anywhere between 3 months and 10 years. Installments are paid on a monthly basis.
Uzom.com will charge the buyer the domain renewal fee, yearly, when needed, over the duration of the installments. The renewal fees are subject to the same terms and conditions as the rest of the installment payments. However they are not sent to the seller but rather used by Uzom.com to keep the domain valid and extend its expiration date as needed.
Yes, you can accelerate the redemption of the domain name out of Uzom.com's escrow at any point by paying early the remaining balance of the transaction price.