Release
Release action is taken by the Contractee (buyer) who received, reviewed, and is satisfied with the contract completion by the Contractor (seller). It is the final contract action that sends the request to the contract to release the agreed amount of tokens to the Contractor's crypto wallet address*. This address is specified in the contract terms when the contract is created.
This blockchain transaction** changes the contract state to "Executed'', is time-stamped and can be traced via the Contract Chat.
Normally, the release can be done by the Contractee at any point during the buyer protection time. Upon mutual agreement, the agreed amount can be released from the contract later than specified in the terms.
To prevent the accidental release of funds before the Contractor (seller) has confirmed its fulfillment, the Release button is inactive by default. It can be manually activated by checking the box below the button to initiate the release transaction. The initiated transaction is then confirmed and sent to the blockchain network for approval.
Releasing the payment from contract to seller's wallet address
Note that, no buyer protection time or dispute is available after the funds are released from the contract.
Thus, it should only be done if both conditions are satisfied:
a) the buyer received, checked, and is satisfied with the order;
b) for some reason the seller has not confirmed the order completion (fell ill, is away from the office, etc.)
If the buyer protection time has passed and the Contractee has neither opened a dispute nor released funds, release action becomes available to the Contractor. In other words, the Contractor will be able to request the release of funds to the wallet address specified in the contract.
If dissatisfied with the delivery, the Contractee may open a dispute to settle the issue with the Contractor before releasing the money. You can learn more about the disputes and their settlement here.
Important!
The Contractor must make sure the network and token specified in the contract are added to the crypto wallet address specified in the contract form. Otherwise, the wallet balance will not display the agreed amount released by the Contractee. Use the blockchain explorer relevant to the selected network to verify the transaction details if it does not appear at the wallet address.
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.
**The release request is processed by the nodes (individual computers) and has a gas fee. More on gas fees and why they exist can be found in "What is Network".
Last modified 4mo ago