This escrow agreement is made and entered into today between you (Seller) and you (Purchaser), collectively known as the “Parties”.
The Seller and Purchaser have expressed an interest to enter into this escrow agreement for the sale and purchase of the product/service located at the Seller’s address (As seen on the product/service page).
The Parties have appointed (GM) Green Market Escrow (Escrow Agent) to hold payments in naira following the terms and conditions of the escrow agreement, listed below.
Terms and Conditions
The Seller and Purchaser have agreed to appoint the Green Market Escrow Service to hold the agreed amount in exchange for the product/service for the term of this agreement.
Furthermore, the Escrow Agent is willing and able to accept such responsibilities as well as act in compliance with this escrow agreement in its entirety.
In the instance any disagreement shall arise, the Parties agree the GM Escrow shall not be held liable for any costs, damages, or losses that may arise from duties performed.
Furthermore, unless permission has been received from the Parties by the GM Escrow then no releases or disbursements shall be made.
If such disagreement between the Seller and Purchaser does occur the Escrow Agent will have the right to be discharged from this agreement by turning all agreements and documentation over to the jurisdiction responsible for this agreement.
All costs to the Escrow Agent from such proceedings shall be the responsibility of the Seller and Purchaser.
This agreement is for the benefit of the GM Escrow Service, Seller, and Purchaser.
Furthermore, all parties agree there are no beneficial results for any third parties nor will third parties be involved in any decisions for this escrow agreement.
All funds received concerning this escrow agreement shall be deposited into a GREEN MARKET EVOLUTION account.
Any fees due to the GM Escrow Service, including commission, at the time of disbursement request, may be deducted from the escrow disbursement amount before disbursement.
The GM Escrow will not be permitted to combine personal accounts with the escrow funds at any time during the period of this escrow agreement.
The Escrow Agent will hold any notifications and instructions they may receive as valid without the requirement to investigate or question the sender.
Both parties agreed that a commission shall be charged by the GM Escrow Services and that the commission varies with the total amount involve in the transaction.
- A transaction between N500 – N50, 000 accrue a commission of 5%
- A transaction between N50, 500 – N500, 000 accrue a commission of 2%
- A transaction between N500, 500 and above accrue a commission of 1%
With notice from both the Seller and the Purchaser upon delivery of the said product/service, the GM Escrow Services will disburse the funds based on the instructions provided within such notice.
The given notice inclusive of directions for disbursement may be delivered by a phone call, email, or Whatsapp contact.
Notification must be provided to the GM Escrow Services no less than 12 hours before the disbursements scheduled delivery.
Under the following circumstances, the GM Escrow Agent shall not be held liable or found at fault,
- For any omission or error by a party other than the GM Escrow Agent themselves.
- Any loss of funds directly related to the suspension, insolvency, or failure of the funds or the bank themselves.
- Any legal proceedings between the Purchaser and Seller
- Any interest accrued during the term of this Escrow Agreement shall be the property of the Purchaser and shall be disbursed as so.
By checking the box below, all parties agree to have read and understand the terms and conditions outlined in this escrow agreement.
Send mail to [email protected]greenmarket.com.ng for further inquiry.