Escrow - guarantee of compliance with transaction terms
The Escrow service acts as a trusted party in the transaction between the seller and the buyer, and, through deposits, protects them from the unsatisfactory fulfillment of the terms.
Offer
The seller or buyer creates an offer to a user from their contact list
The terms of the offer are saved on the service, and the second party receives a notification about the offer to enter into an Escrow transaction;
The second party, upon receiving the offer, can:
- accept the terms of the offer
- decline it
- make changes to the terms of the offer
If the terms of the offer are accepted, both parties must make security deposits
After the deposits are made, a transaction is created
Transaction
Throughout the transaction period, the service awaits confirmation from both participants regarding the completion of the transaction or a violation of its terms
- If confirmation of successful transaction completion is received from both parties, the funds deposited as a security payment are returned to the participants
- If both parties mutually decide to cancel the transaction, the funds deposited as a security payment are also returned to the participants
- In the event that one party reports compliance with the transaction terms while the other claims a violation, the transaction is considered 'disputed'
Dispute resolution
- The security deposit is not returned to the participants until they reach a mutual agreement
- If the parties do not reach an agreement within 10 days, either party may file a claim with the Arbitration
- Following the consideration of the claim by the Arbitration, the deposits of both participants are transferred to the winning party (excluding the Arbitration fee).