Escrow Agreement
Last updated: January 1, 2025
1. What is Escrow
Escrow is a financial arrangement where a third party (itemCrack) holds and regulates payment of funds on behalf of the buyer and seller. This ensures both parties fulfill their obligations before money changes hands. Our escrow system is the foundation of trust on the platform.
2. How Escrow Works
When a buyer makes a purchase, the payment is held in escrow by itemCrack. The seller then delivers the item to the buyer. Once the buyer confirms receipt and satisfaction, the funds are released to the seller minus the applicable commission. If delivery does not occur, the buyer is refunded.
3. Buyer Protection
Buyers are protected throughout the entire transaction. If the seller fails to deliver, delivers an item not as described, or the item is invalid, the buyer may open a dispute. Our team will review the case and issue a refund to the buyer's wallet if the claim is valid.
4. Seller Obligations
Sellers must deliver items as described in their listings within the specified timeframe. Failure to deliver will result in automatic refund to the buyer. Sellers must maintain accurate listing descriptions and respond to buyer inquiries promptly.
5. Dispute Resolution
If either party is unsatisfied with a transaction, they may open a dispute. Our trust & safety team will review all available evidence, including messages, delivery proof, and transaction history. A resolution will be issued within 48 hours. Decisions may be appealed once within 7 days.
6. Refund Policy
Refunds are issued to the buyer's itemCrack wallet balance. Processing typically takes 1-2 business days after a dispute is resolved. In cases of fraud, refunds may be issued to the original payment method. itemCrack reserves the right to withhold funds pending investigation of suspicious activity.