Manual Contract
Overview
If the user selects a manual approach, then he will be led to a page with fields to fill in (as the contract details). The recommended or the system-default contract values will be displayed and can be covered over if the user wishes to enter in his own values. Users have the option to make most of the contract fields non-negotiable. Once the non-negotiable option is toggled ON, external parties would not be able to negotiate these terms or offer counter proposals.
Contract Fields
Below is a comprehensive walkthrough of all the available contract fields:
Contract Title
This is the name given to the contract. This title will be used to identify the contract throughout its lifecycle. This field is a free-text field and can be anything the user desires. Note that the contract title cannot be changed during the negotiation process. Only the seller can adjust the contract title from the Starter tab. Contract titles must be filled in during the contract creation process.
Contract Description
This is a free-text field that allows users to add on additional bits of description and context to the contract. Note that the contract descriptions cannot be changed during the negotiation process. Only the seller can adjust the descriptions via the “Starter” tab. Users will also be able to attach documents and graphics for additional contract context.
Your Role
This field indicates whether you are the buyer of the item(s) listed on the contract or the seller. This field defaults to “Buyer” if nothing is selected.
Contract Attachments
Users can include up to 15 attachments to support or provide additional details related to the contract and the items being sold. Currently, only image and document file formats are supported for these attachments.
Unit Price
This is the per unit price assigned to the contract item. If the contract quantity is more than 1, then this is the price assigned to each item. The unit price entered cannot be lower than $0.01 USD (For TWD, the minimum is 1 NTD).
Unit Price (Crypto)
Users can select the desired ERC-20 token from the dropdown menu. USDC and USDT are USD-pegged stablecoins that are government-audited and guaranteed to have a 1-1 peg to the US dollar. So, i like to sell your items in USD, then you can select either USDC or USDT. These stablecoins will translate directly to US dollars in the deposit and withdrawal processes. Other tokens are ETH (Ether, native token of the Ethereum network) and wBTC (Bitcoin). These are two other popular crypto options that users may choose from. This amount will be auto-calculated based on the unit price entered, using pZipper’s LIVE conversion APIs.
Quantity
Each contract will need to have the quantity of the contract item to be traded. Contract will provide an auto-calculation of total contract amount (Total Amount field) using the quantity x price. The quantity entered cannot be lower than 1.
Penalty Amount
This is the penalty that needs to be paid when either party cancels the contract after funds have already been deposited into escrow and after both parties have given the final confirmation to proceed (contract has moved into Funds Transferred state). This penalty amount can apply to either the buyer or the seller and is optional.
Post-Delivery Adjustments
This selection gives the buyer the option to re-negotiate the final payment amount to the seller, after the seller has completed the delivery of the contract items(s). This option may be useful when there are issues with the delivery. If enabled, then the adjustment negotiations between the buyer and seller will occur during the “Buyer Protection” state of the contract.
Payment Period (Days)
Maximum time allowed for the buyer to complete the deposit of contract funds into escrow contract (for the buyer to move the contract from a Deployed to Funds Transferred state). This field has a default setup of 7 days.
Delivery Preparation (Days)
Maximum time allowed for the seller to complete delivery after funds are confirmed in escrow. The default value for this field is also 7 days.
Shipping (Days)
This is the number of days the buyer and seller expect the delivered contract item(s) to arrive at the buyer’s. It also serves as a buffer period between when the item is delivered by the seller and when the buyer’s protection period begins.
Buyer Protection Period (Days)
This is the number of days the buyer gets to inspect the item(s) delivered by the seller. This number of days will begin as soon as the contract hits the Delivered state. The default value for this field is 3 days.
Estimate Contract Lifecycle
This is a timeline calculator to help users better visualize the actual dates associated with the contract timeline. Users can start the estimation calculations by clicking on the Estimate button and entering in the expected date when the contract will be finalized by both sides and officially deployed (Deployed state). Once the calculator has this date, it will factor in the different contract timeline days entered in the section above to create an estimated contract lifecycle timeline.