1. Overview
This page describes the fees associated with using the Terra-Claim.com platform (the "Platform") and the payment processes for transactions. The Platform facilitates the sale of Terra bankruptcy claims by claim holders ("Sellers") to institutional purchasers ("Buyers").
TerraClaim LLC does not hold, custody, or escrow client funds. All payments are made directly between the relevant parties.
2. Seller Fees
Sellers pay no fees. There is no fee to submit a claim, no commission, and no platform administration fee charged to Sellers. The purchase price stated in the executed Transfer of Claim Agreement is the amount the Seller receives in full, before any taxes for which the Seller may be responsible (see Section 6).
3. Buyer Fees
Buyers pay TerraClaim LLC an administration fee under separate commercial agreements between TerraClaim and the Buyer. The applicable fee is disclosed to the Buyer prior to each transaction. Buyer fees never reduce the purchase price payable to the Seller.
4. Payment Process
4.1 Claim Purchase Price
The claim purchase price is paid directly from the Buyer to the Seller. TerraClaim does not process, hold, or intermediate these funds. Payment instructions and methods are coordinated between the parties through the Platform.
4.2 Transaction Settlement
Transactions are executed via Transfer of Claim Agreements (TOCAs). The settlement process includes:
- Verification of the claim and the Seller's identity.
- Execution of the Transfer of Claim Agreement by Seller and Buyer.
- Payment of the purchase price from Buyer to Seller.
- Submission of transfer documentation to the bankruptcy court.
Where the transaction includes a contingent payment component, the timing and conditions of any contingent payment are governed exclusively by the executed Transfer of Claim Agreement.
5. Refunds
As Sellers pay no fees, no Seller refunds arise. Buyer administration fees are governed by the applicable commercial agreement between TerraClaim and the Buyer.
6. Taxes
You are solely responsible for determining and paying any taxes applicable to your transactions. TerraClaim does not provide tax advice. Consult a qualified tax professional for guidance.
7. Contact
For questions about fees and payments, please contact us at: hey@terra-claim.com