Understandably, buyers and sellers always hope that disputes won’t happen. When they do occur, however, everyone wants a straightforward and user-friendly process to resolve them. That is why Uniscrow has formulated a bespoke financial mediation procedure. As you will see, our unique process does the hard work, so you don’t have to!

Uniscrow’s unique dispute mediation procedure

If a dispute arises, Uniscrow will propose a solution to the parties, which they can either accept or refuse. Our terms of service set out the dispute mediation rules that all buyers and sellers are asked to follow. Therefore, for more information, please see paragraphs 1.4 and 1.5 of Uniscrow’s terms of service.

Clear communication is key to the successful settlement of any dispute. As a result, Uniscrow has devised a special online form for completion by the parties. This begins the financial mediation procedure. Uniscrow doesn’t collect any fees from this process, but any further costs incurred must be paid for by the parties. The financial mediation procedure cannot take longer than 14 days. This is because time is of the essence for our busy users.

If the dispute has been settled within this period, the Uniscrow smart contract moves the funds according to the settlement. Of course, these funds consist of either the price or refund that has been agreed upon between the buyer and seller.

If the dispute has been settled within this period,  the Uniscrow smart contract moves the funds according to the settlement. Of course, these funds consist of either the price or refund that has been agreed upon between the buyer and seller.

From dispute mediation to arbitration

If a dispute arises, Uniscrow will propose a solution to the parties, which they can either accept or refuse.

On the other hand, if no mediation agreement has been reached, the parties must communicate this to Uniscrow. They can do this either by email or, indeed, by Uniscrow’s dedicated online form. Any dispute will then be settled by arbitration as per the Rules of the International Chamber of Arbitration of Milan.

If arbitration is initiated, the payment remains locked in the smart contract until the arbitration decision has been made. Conversely, if Uniscrow’s procedure for initiating arbitration has not been followed, the payment will be returned to the buyer.

We hope you found this summary of our innovative procedure helpful. For hassle-free dispute resolution and real peace of mind. 

Uniscrow provides a unique escrow solution for protecting business-to-business transactions using the Ethereum blockchain. Escrow agents are replaced by verifiable and autonomous smart contracts that secure the funds. What’s more, you can always verify that your money is safe! Uniscrow gives tools to the parties to access and release funds from the smart contract according to the established rules. The funds are kept safe within the blockchain, meaning that the parties aren’t reliant on any one individual or company.