Escrow
Users can create a private room referred to as a Hatch, where a link will be generated that can be shared with another party. Once both parties have entered the Hatch, a chat window will become available for use.
In the chat, both parties should discuss the terms of their arrangement and use the privacy tool to shield any personally identifiable information. This is an important step, because personal information, such as a business name, could potentially lead to bias in the event that arbitration is required to resolve a transaction dispute between the two parties.
Particulars both parties should discuss include:
- The duration of time the offer is valid for
- The goods & services that are being offered
- The cost of these goods & services
- The payment type (Stable or Tokens)
- The payment increments (lump sum or milestones)
- The time frame in which the goods & services are expected to be delivered to the buyer
As soon as an agreement has been reached, the seller can create an offer that details the terms of the arrangement. The offer will appear in the chat to act as a point of reference, indicating that it pertains only to the arrangement preceding its creation. Once the buyer is satisfied with the terms of the offer and confirms it, they will be prompted to fund it. The buyer will pay the agreed upon amount, including a non-refundable fee to Open Hatch, calculated at one percent (1%) of the total transaction amount. The funds secured from the buyer are locked into an immutable pool, which will only be released to the seller after it has been confirmed that the agreement has been fulfilled.
Last modified 27d ago