Terms and Conditions
Last updated: July 1, 2025
By using this website or any of its related services, you agree to these Terms and Conditions. Please read them carefully before proceeding with any transaction.
1. About EscrowLock
EscrowLock is a multivendor eCommerce platform that enables users to sell, buy, or promote products and services with an added transaction protection feature. It provides a secure environment for deal confirmation, payment coordination, and dispute management. Whether or not the product or service is publicly listed on the EscrowLock platform, once a buyer and seller choose to coordinate a transaction using EscrowLock, they agree to be bound by these Terms and Conditions.
2. User Agreement
By using EscrowLock, you agree that you:
Are at least 18 years of age or acting under the supervision of a guardian;
Will only use the platform for lawful transactions;
Will comply with all obligations and communication expectations during any transaction you initiate or participate in;
Understand that EscrowLock is a digital platform and not a delivery or logistics provider.
- Understand that EscrowLock is not a party to any sale or delivery and does not assume any responsibility for the product or service quality, fulfilment, or shipping. Sellers are solely responsible for their obligations to the buyer.
3. Responsibilities of Buyers and Sellers
Both parties involved in a transaction (the Buyer and the Seller) agree to:
Protect their email address and account details from unauthorized access.
Refrain from sharing any email or communication received from EscrowLock with third parties.
Remain reachable and responsive throughout the duration of the transaction.
Promptly take all necessary actions when required to avoid delays.
Regularly check emails and ensure EscrowLock emails are marked as trusted to avoid missing updates.
Maintain open communication with the other party and keep records of all relevant messages or calls (text, audio, or video).
Keep verifiable evidence of key actions taken during the transaction.
Provide EscrowLock with any requested evidence or record within two (2) hours of a request or within any alternative time frame stated by EscrowLock.
Handle all matters related to the shipping or delivery of physical goods outside of the EscrowLock platform, unless a special arrangement is made.
Ensure that all goods or services transacted are legal and authorized under applicable laws.
Maintain professionalism, courtesy, and respectful conduct throughout the transaction.
4. Transaction Procedure
Transactions on EscrowLock typically follow this flow:
One party (buyer or seller) initiates the transaction by providing necessary details.
EscrowLock contacts the other party to confirm agreement.
Once confirmed, the buyer receives payment instructions.
Upon confirmation of payment, the seller proceeds with delivery or fulfilment of the product/service.
The buyer confirms receipt within three (3) days, after which EscrowLock deducts its platform fee and releases the payment to the seller.
In cases where confirmation is delayed or a dispute arises, EscrowLock reserves the right to investigate, request evidence, and take a final decision regarding the release or refund of payment.
Note:
Sellers are responsible for issuing invoices or receipts to buyers. While EscrowLock may assist in generating transaction receipts in some cases, such support is optional and not a guarantee. EscrowLock disclaims any liability for loss, misplacement, or failure to issue receipts. Upon release of funds to a seller, it is the seller’s duty to provide any receipts or documentation required by the buyer.
5. Platform Fees and Charges
EscrowLock charges a service fee for the use of its platform to coordinate transactions. This fee is deducted once payment is received by EscrowLock irrespective of whether the transaction proceeds or not.
To estimate transaction charges in advance, users can use our Fee Calculator here:
https://www.escrowlock.com/fees-and-charges/
In addition to EscrowLock fees, any extra costs arising from:
Delayed responses,
Shipping fees,
Administrative changes, or
Party-induced complications
will be borne by the party responsible.
6. Shipping and Delivery
EscrowLock does not handle or oversee shipping of any goods. All shipping, transportation, or delivery arrangements are to be conducted by the seller and agreed with the buyer outside the platform.
Where EscrowLock recommends a delivery provider, such recommendation is merely a convenience and EscrowLock will not be liable for any damage, loss, or delay arising from the shipping process.
7. Cancellation and Refund
a. Vendor Responsibility:
Each seller or service provider (collectively referred to as “vendor”) is expected to clearly communicate their cancellation and refund terms before a transaction is initiated. These terms should be documented during the transaction process via EscrowLock.
b. Default Policy:
If the vendor does not expressly provide a cancellation or refund policy, the following default policy shall apply:
A buyer may request cancellation and refund only if the vendor has not yet started delivering the product or performing the service.
Once delivery of a product or commencement of a service has begun, the transaction is considered non-refundable unless the vendor expressly agrees otherwise.
c. No Refunds After Funds Are Released
Once EscrowLock releases funds to the seller, EscrowLock is no longer able to process any refund. Buyers must deal directly with the seller to resolve any dissatisfaction.
d. EscrowLock Role:
EscrowLock is a digital platform that allows vendors to connect with buyers. It is not a party to any transaction and does not provide any guarantee or assurance regarding refunds or cancellations.
e. Fees Are Non-Refundable:
All platform charges, service fees, and third-party processing fees (including bank or payment gateway charges) are non-refundable, even if the transaction is cancelled.
f. Timeframes
Refunds (if approved) are processed by EscrowLock within 7 business days. Additional timeframe may be apply depending on the payment channel and the banks.
f. Chargebacks
Initiating a chargeback without first engaging EscrowLock for resolution is not allowed and shall be considered a breach of these Terms. EscrowLock reserves the right to suspend or ban users who abuse chargeback procedures.
8. Dispute Management
In the event of a dispute:
Both parties agree to cooperate with EscrowLock in providing timely responses and relevant records.
EscrowLock may request proof of communication or fulfillment from either party.
EscrowLock reserves the right to make a final decision based on available evidence, and both parties agree to accept that decision.
Users shall indemnify EscrowLock from any claims or losses arising from its good-faith resolution of the dispute.
If either party decides to abandon the transaction or communication, EscrowLock is not responsible for any resulting losses, including abandonment of a product or service.
9. Abandonment and Post-Transaction Responsibility
Once EscrowLock makes a decision and completes a transaction by releasing payment:
The responsibility for the product or service lies solely with the parties.
If a product is left with a courier, logistics provider, or any third party after completion of the transaction, the parties must resolve the matter between themselves.
EscrowLock bears no responsibility for the location, delivery, condition, or recovery of the product or service before or after transaction closure.
10. Right to Withdraw or End Service
EscrowLock reserves the right to withdraw from any transaction if:
Parties fail to fulfill their responsibilities,
Communication becomes unreasonable or abusive,
EscrowLock is unable to reach a resolution after reasonable effort.
In such a case, both parties may resolve the matter privately or through other channels, without involving EscrowLock.
11. Prohibited Activities
Users must not use EscrowLock for:
Transactions involving illegal goods or services,
Fraud, impersonation, or misrepresentation,
Attempts to bypass the platform fee,
Harassment, threats, or abusive behavior,
Submitting false information or forged documents.
Violating any of these rules may lead to termination of your access and potential legal consequences.
12. Limitation of Liability
To the fullest extent permitted by law, EscrowLock shall not be liable for:
The quality, safety, legality, or condition of any goods or services;
Delays, losses, or damages during shipping;
User conduct or communication during transactions;
Any indirect, incidental, or consequential losses.
EscrowLock’s total liability in any case shall not exceed the amount of the platform fee charged on the disputed transaction.
13. Legal Ownership and Operator
As of July 1, 2025, EscrowLock is owned and operated by GlobStand Limited, a company duly registered with the Corporate Affairs Commission (CAC) of Nigeria. All legal responsibilities, obligations, and liabilities related to the use of EscrowLock are vested in GlobStand Limited.
Any legal notices, claims, or correspondence regarding EscrowLock must be directed to GlobStand Limited in accordance with applicable Nigerian law.
14. Modifications to Terms
EscrowLock may revise these Terms occasionally. Any updates will be published on our website, and your continued use of the Platform constitutes acceptance of the latest version.
15. Governing Law and Jurisdiction
These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes shall be subject to the exclusive jurisdiction of the courts in the Federal Capital Territory, Abuja.