🗞️Creating an Escrow

The guided process will allow you to build your escrow transaction.

STEP 1: Your Role

Identify your role in the transaction:

• Seller: the one who sells an item or service to the buyer

• Buyer: the one who purchases an item or service from the seller

• Enter the wallet:

  • If you are the Seller, enter the Buyer's wallet address.

  • If you are the Buyer, enter the Seller's wallet address.

  • All wallet addresses MUST be on the Binance Smart Chain (BSC) blockchain.

STEP 2: Product Category

• Category of the sold goods:

  • Select the category of the exchanged goods from the drop-down menu.

  • If the goods do not correspond to any of those listed, select "Other."

  • It is possible to sell any type of goods or services except for those that are prohibited.

Read More: Prohibited goods

STEP 3: Terms and conditions

• Inside the editable box, enter the description of the item or service sold/purchased.

• It is important, during the drafting of the description, to be as detailed as possible, including any specifications such as color, size, dimensions or any malfunctions of the product.

• Specifying the terms of the contract is important because it allows for a clear definition of the expectations and obligations of both parties. A well-defined contract can help protect the rights and interests of the parties involved, providing a framework for managing risks and responsibilities.

• Including details such as payment terms, delivery conditions, warranty terms, dispute resolution and confidentiality clauses, can help ensure that all parties understand and accept their responsibilities.

STEP 4: Shipping

• Specify whether shipping is required for the sale or purchase of the item.

• If yes, fill in the delivery information in the dedicated fields and specify the packaging time.

  • The packaging time refers to the MAXIMUM amount of time granted to prepare a product for shipment. This may include activities such as packaging, adding protective packaging, labeling, and documentation. The packaging time may vary depending on the product and shipping needs. For example, it may take more time to pack a fragile product than a more durable one.

    In general, the packaging time is specified in the contract terms and is important because it can affect the timing of product delivery. The packaging time starts when the Seller receives payment on the smart contract.

  • What happens if the packaging time expires?

    • When the packaging time expires, the Buyer is given the opportunity to open a dispute. Before opening a dispute, we recommend contacting the Seller to verify the reason for the delay.

• If not, specify the service preparation time:

  • The service preparation time refers to the MAXIMUM amount of time granted to prepare a service for delivery. This may include activities such as planning, configuration, personnel training, material collection, and documentation. The service preparation time may vary depending on the type of service offered and the customer's needs. For example, it may take more time to prepare for a complex service than a simpler one.

    In general, the service preparation time is specified in the contract terms and is important because it can affect the timing of service delivery and customer satisfaction.

    • What happens if the service preparation time expires?

      • When the service preparation time expires, the Buyer is given the opportunity to open a dispute. Before opening a dispute, we recommend contacting the Seller to verify the reason for the delay.

Read More: Shipping info

STEP 5: Inspection Time

• Inspection times refer to the MAXIMUM period of time assigned to the Buyer to examine a product or service after delivery. Inspection can be carried out to verify product or service quality, compliance with contractual specifications, and to identify any defects or issues. These times are important because they give the Buyer the opportunity to verify that the product or service meets specifications and that there are no defects before accepting delivery.

• The Buyer can only open a dispute if they are within the inspection time.

• What happens if the inspection time ends?

  • At the expiration of the inspection time, the Seller is authorized to withdraw the funds from the smart contract. If the inspection time expires and the Buyer has not opened a dispute, it means that they have accepted the product or service and the funds have been transferred to the Seller. The Buyer no longer has the option to open a dispute for any issues with the product or service.

STEP 6: Payment

• Choosing the currency to use:

  • Choosing the currency to pay for the service is important to ensure payment convenience and security.

  • The choice of currency must be agreed upon between the seller and the buyer during the contract drafting.

  • It is possible to choose to pay or be paid through one of the currencies supported by the platform.

  • The currently supported currencies are BTSCRW, BNB, and BUSD.

  • Price of goods or service:

    • Specify the value of the merchandise inclusive of ancillary costs (for example, for international shipping, customs fees and import duties may apply).

Read more: Fees

STEP 7: Contract Summary

• A transaction summary is a description of the details of a transaction, such as the amount, date, parties involved, and any associated costs. Before accepting a transaction, it is important to verify that all details are correct and that you are comfortable with any associated costs.

• Once the transaction summary has been carefully reviewed and confirmed to be accurate, the proposal can be sent to the other party. At this point, it is necessary to wait for a response from the other party, who may accept the proposal as is, or propose any modifications or revisions.