How to create a new ESCROW?
Here you can find instructions step by step how to create a new ESCROW.
- Log in to the platform.
- On the main page click „ESCROW contracts” button. You can find it on the blue tab at the top of the page.
- Click the „Add new cotract” button.
- Choose which item the contract will cover. This could be a vehicle, real estate, product (e.g. computer), or service.
- Name the contract in such way that you can recognize the item in the contract list in the future.
- Type in the e-mail address of the second side involved in the transaction (your business partner). An invitation to finalize the transaction will be sent to this address.
- Choose your side in this transaction (sell-side or buy-side).
- Indicate whether additional payment will be required to deliver the subject of the contract. Go further.
- Describe the subject of the contract.
- Enter the number of items (if the contract is for more than one item) as well as the unit of measure (e.g. pounds for goods).
- Enter the unit price and select the currency from the list.
- If the contract covers more than one item (e.g. different commodities), press “Add Item” to describe the next item.
- Add attachments – it can be a scan of the contract, transport document, invoice etc. You can add files by using the “Select file” button, and then confirming the file with the “Add” button. If you made a mistake and added a file that does not apply to the contract, press the “X” next to the appropriate file.
- The total contract value is displayed. Choose how the transaction will be settled – whether after the buyer’s approval, or on a specific date, or whether the settlement should take place immediately.
- If everything is correct, press the “Accept” button. Congratulations, your contract has been added successfully. Now, the second side of the transaction will receive an invitation to the e-mail address with information about the contract. If your contractor accepts the terms, the transaction will be settled – the buyer will receive the subject of the contract, the seller will receive the money.
