Manage Escrow Smart Contract
Step-by-step guide on how to manage an Escrow Smart Contract on the FlexSmart platform
Last updated
Step-by-step guide on how to manage an Escrow Smart Contract on the FlexSmart platform
Last updated
Once the Escrow Smart Contract is created, it has a series of steps that must be completed. These steps can change depending on the role. Let's go into more detail.
Go to the Escrow landing page from the main menu on the left and click on the Manage Your Escrows button.
You will be redirected to the Your Escrows page where all your escrow smart contracts will be listed.
Click on the card for the escrow smart contract that you want to manage
In order to manage your Escrow Smart Contract, be sure that you are connected to the same blockchain wallet that was used during escrow creation.
You will be redirected to the Manage Escrow page in which you will be presented with various tabs.
If you haven't already be sure to read Manage Escrow Page Overview section to learn more about the different tabs.
Once you've clicked on the card for the Escrow Smart Contract that you want to manage, follow these steps to continue:
The buyer must send funds to the contract to initiate the flow. Sending funds is simple, just follow these steps:
Copy the Escrow Contract Address. You can find it on the upper right corner of the Manage Escrow page or in the Escrow Details tab under Contract Address
Go to MetaMask or your trusted wallet, select Send and enter the Escrow Contract Address in the field
Currently, the only funds accepted are USDT or test tokens.
Choose the asset (USDT or test tokens) and enter the amount that was agreed upon. You can find the amount under the Escrow Details tab.
Click on the Next button and then Confirm the transaction
Once the transaction is successful on the blockchain (you can verify the status on Metamask), refresh the Manage Escrow page and under the Current Status tab, the Current Balance will reflect the amount sent.
The seller provides goods or services for which the Escrow Smart Contract was created.
This step occurs outside of the FlexSmart platform.
When the buyer receives the desired product or service, the buyer must release the funds the seller by following these steps:
Log into FlexSmart with the same email used when creating the Escrow Smart Contract. The buyer also needs to be sure they are connected to the same wallet address used when creating the Escrow Smart Contract.
Under the Current Status tab, click on the Release Funds button
Once the pop-up is opened click on Submit
MetaMask will then open for the Buyer to Confirm the transaction
When the transaction is executed on the blockchain, the funds will be available for the seller to withdraw them.
In the event the buyer does not manually release the funds to the seller, the funds will be automatically available to the seller for withdraw once the designated number of auto-release days have passed.
Log into FlexSmart with the same email used when creating the Escrow Smart Contract. The seller also needs to be sure they are connected to the same wallet address used when creating the Escrow Smart Contract.
Funds available for withdraw are viewable under the Current Status tab in the Amount for Withdrawal field
On the Current Status tab, click on the Withdraw Funds button
Once the pop-up is opened click on Submit
MetaMask will then open for the seller to Confirm the transaction
When the transaction is executed on the blockchain, the funds will be available in the seller's wallet.
Get Started: Use FlexSmart's Escrow Smart Contract template to create your very own escrow on the blockchain.
If, for any reason, the seller no longer wishes to comply on their part, they can release the funds back to the buyer by using the following steps:
Log into FlexSmart with the same email used when creating the Escrow Smart Contract. The seller also needs to be sure they are connected to the same wallet address used when creating the Escrow Smart Contract.
Navigate to the Current Status tab and click on Release Funds
Once the pop-up is opened click on Submit
MetaMask will then open for the seller to Confirm the transaction
When the transaction is executed on the blockchain, the funds will be available for the buyer to withdraw them.
If, for any reason, the buyer decides that they want to dispute the transaction, they can do so by following these steps:
Log into FlexSmart with the same email used when creating the Escrow Smart Contract. The buyer also needs to be sure they are connected to the same wallet address used when creating the Escrow Smart Contract.
Navigate to the Current Status tab and click on Open Dispute
MetaMask will then open for the buyer to Confirm the transaction
When the transaction is executed on the blockchain, the dispute is opened for the arbiter to resolve.
If, for any reason, a dispute is opened the arbiter assigned by the seller when creating the Escrow Smart Contract is the only one with the authority to resolve it by following these steps:
Log into FlexSmart with the same email used when creating the Escrow Smart Contract. The arbiter also needs to be sure they are connected to the same wallet address used when creating the Escrow Smart Contract.
Navigate to the Current Status tab and click on Resolve Dispute
When the pop-up is opened, the arbiter can resolve the dispute by determining the percentage of the contract amount (less the amount that the arbiter will receive for resolving the dispute) that corresponds to the buyer. The rest of the amount will be available to the seller unless the percentage awarded to the buyer is 100%.
Once the percentage is defined, click on the Submit button
MetaMask will then open for the seller to Confirm the transaction
When the transaction is executed on the blockchain, the dispute is resolved and all the parties will have the designated amount available for withdraw.
In the event that the arbiter wants to resolve the dispute in anther way, the arbiter will still need to enable the Resolve Dispute button until one of the parties withdraws the funds.
Tip: An Escrow Smart Contract is only one the many cool things you can create using FlexSmart. Be sure to check out our User Guides to see what else you can do.