Escrow Agreement & Rules
The legal terms governing payment custody, inspection approval windows, and secure payout release between buyers and sellers.
1. Segregated Funds Custody
When a buyer initiates an escrow transaction, the agreed purchase consideration is transferred into an authorized, ring-fenced escrow account operated by Bidrit's licensed financial partners. The funds remain the property of the buyer subject to the conditions of the transaction.
The seller does not possess access or claiming rights to escrow funds until all verification and delivery milestones have been satisfied and confirmed in the Bidrit transaction log.
2. The 48-Hour Approval Window
Upon physical handover or arrival via Bidrit Drive logistics, the buyer is granted an inspection window of up to 48 hours to inspect the vehicle against the seller's published condition claims.
If the vehicle conforms to the agreed condition, the buyer confirms acceptance within their account dashboard. If a major undisclosed defect is identified, the buyer can flag an escrow dispute, freezing settlement instantly.
3. Payout Release & Buyer Refunds
Upon digital confirmation of acceptance, the escrow system dispatches an automated payout instruction to the seller's verified bank account within 2 banking hours.
In the event of a valid rejection (such as engine knock, flood damage, or fraudulent ownership documentation), the vehicle is returned to the custody hub and 100% of the buyer's vehicle purchase funds are reversed directly to their originating bank account.
4. Transparent Escrow Fee Schedule
Bidrit charges a flat escrow protection fee of 1.5% of the vehicle value, capped at ₦50,000. This fee covers legal custody, multi-sig banking operations, and dispute arbitration services. There are zero hidden administrative charges or withdrawal levies.