Approve is the first contract action that is taken by the second party as a confirmation of the two parties having a deal. For it to take place, the first party must fill out the "New Contract" form.
Creating and approving a contract can be compared to parties signing a regular paper-based contract.
Note that the party initiating the contract signs it when defining its terms in the form. Until the other party approves those terms, a.k.a. signs it, the contract remains in the draft state. The contract must be approved by the other party before the next action is taken.
The contract is initiated by the Contractee (buyer) filling out the "New Contract" form, while the Contractor (seller) is approving it. In rare cases, it is the Contractor who creates the contract and the Contractee who approves it. If disagree, the Contractor may edit some of the contract's most important terms:
- the contract due date,
- the agreed amount of tokens as payment for the product/service,
Editing is done by clicking on the pen icon in the top right corner of the Contract Control page.
Contractors must double-check the network and token specified in the contract terms. Make sure they are added to your crypto wallet address*. Otherwise, the wallet balance will not display the amount released by the Contractee. If not visible at the wallet address, the release transaction can be verified using a blockchain explorer.
For the contract to remain unbiased and fair for both parties, the edits are time-stamped and can be traced via the Contract Chat by both parties. When the changes are made by one side, the other side receives a notification of changes made to the contract terms.
The document can be edited as many times as required for both parties to approve the terms of the contract. Note that continuous disagreement and editing will require repeat approvals and may delay the deal. To avoid confusion discussing the contract conditions via the Contract Chat is recommended.
Good to know
*Cryptocurrency wallet is an app (web, desktop, mobile) or a physical device that stores your public and private keys. Metamask, Coinbase Wallet, and Trustwallet are among the most used crypto wallets. Each wallet has its unique ID known as a wallet address.
Last modified 10mo ago