Buyer Protections:
- Delay Compensation: 1% daily refund for delayed deliveries within the escrow period.
- Escrow Hold: Funds are held in escrow until delivery is confirmed, ensuring the seller can’t access funds prematurely.
- Dispute Window: Ability to raise disputes within the original escrow duration if issues arise with the received item.
- Automatic Refunds: Daily automatic refunds for delays without needing to file claims.
- Cancellation Protection: If delays deplete the escrow fund before delivery, the transaction is cancelled, protecting the buyer from non-delivery.
Seller Protections:
- Agreed Terms: Both parties agree to the delay policy beforehand, ensuring clear expectations.
- Dispute Limitation: Disputes can only be raised within the original escrow period, preventing late claims.
- No Refunds for Disputes: Once a dispute is raised (indicating delivery), no further refunds are issued, protecting against unjustified refund claims.
- Timely Release of Funds: Upon confirmed delivery, remaining funds are promptly released to the seller.
- Clear Delivery Confirmation: The system distinguishes between delays and disputes, ensuring sellers aren’t penalized after delivery.
Mutual Protections:
- Time-Bound Actions: All actions (disputes, refunds) must occur within the original escrow period, providing clarity and finality.
- Transparent Process: Clear rules for delays, disputes, and refunds, reducing potential for misunderstandings.
- Balanced Incentives: The system encourages timely delivery by sellers and prompt confirmation or dispute raising by buyers.
This system aims to provide a fair balance, protecting buyers from delays and non-delivery while also safeguarding sellers from unjustified claims after delivery has occurred.