You've created an Agreement and are now ready to go through the Agreement process. This guide will walk you through that. Let's begin!

If you haven't created an Agreement see our Creating an Agreement guide. This guide will continue where the Creating an Agreement guide left off.

Agreement Phases

Each Agreement has a series of phases that it goes through. The phases are as follows:

All Agreements start in the "Initiated" phase. Once both parties have deposited sufficient funds it moves to the "Funded" phase. If the Agreement is in the funded phase and funds are withdrawn, it will move back to the Initiated phase.

Once the Agreement is in the Funded phase it can then move to the "Locked" phase. To do so both participants must lock the Agreement.

When the Agreement is locked, funds can not be withdrawn by anyone. This keeps funds safe while business is being conducted. After business concludes the Agreement can move to either the "Completed" or "Returned" phases.

An Agreement in the completed phase indicates that the terms of the Agreement were completed successfully and the funds should be transferred from buyer to seller. An Agreement in the returned phase indicates that terms of the Agreement was not fulfilled and the funds should be returned to the buyer.

Once the Agreement reaches either the completed or returned phases, both the buyer and seller can withdraw their stakes.

Example

Next we will go through an example of servicing an Agreement. This is the continues the same example from our previous guide: Creating an Agreement.

Initiated Phase

Above you'll see a newly created Agreement in the initiated phase. Let's break down this page.

In the orange box you can see the seller of the Agreement. When we created the Agreement we set ourselves as the seller. As you can see the seller is set to our account (6E1Ce...). If that account is selected in your MetaMask wallet it will display a star above indicating that this is you.

In the red box you can see the buyer of the Agreement. Since we did not specify a buyer when creating the Agreement this is not set.

In the blue box we see the current phase of the Agreement- Initiated.

In the purple box we see the next phase of the Agreement- Funded.

Next Step Requirements

In this tab we see all the requirements that need to be completed before the Agreement can move to the next step (funded). Next we will go through these one by one.

Setting the Other Party

To set the buyer, click the "Set Buyer" link. A new section on the page will be added below and you'll see this.

In the input box paste the buyer's address. Click the icon on the right inside the input box to submit (yellow box).

We will set the buyer to the account: 0xc08085D9031b5c65AB28de05091E37A49478288D

Your MetaMask wallet extension will then open a window asking you to confirm the transaction.

Once the transaction is confirmed on the blockchain, the page will change to indicate that the buyer has been set.

Depositing Funds

Next both the seller and buyer will need to deposit funds into the Agreement. To see explanations of the funds required by both buyer and seller click on the ❌ buttons.

With your 6E1Ce... account selected in your MetaMask wallet click the "Deposit Funds" button. This will show the below screen

Click the "Deposit" button to send the full amount to the Agreement. Again MetaMask will open a new window asking you to confirm the transaction. You can see that below. Click "Confirm".

Once the transaction confirms, the page will update accordingly.

Next the buyer needs to go through these same steps to deposit funds into the Agreement. The order of which parties deposit funds does not matter.

At any point you can see the "Agreement Funds" tab to show the funds in the Agreement.

Since the Agreement has not been locked, you can withdraw your funds from the Agreement if you wish.

Funded Phase

Once the buyer and seller deposit sufficient funds the Agreement will move to the funded phase.

Now that sufficient funds have been deposited in the Agreement, it is ready to be locked. To lock the Agreement both parties need to click "Lock Agreement". The order in which parties lock the Agreement does not matter.

Locked Phase

In this phase of the Agreement, business can safely be conducted as the funds can not be withdrawn by either participant (or anyone else).

Once business is done the Agreement can be marked completed or returned. Completing the Agreement moves the funds (0.15 ETH) to the seller. Returning the Agreement sends the funds back to the buyer.

For the Agreement to enter the complete or returned phases both participants must update the Agreement as such.

For this Agreement, both the buyer and seller will mark the Agreement as completed.

Completed Phase

Once completed the funds will be available to be withdrawn from the Agreement.

Click "Withdraw Funds" to withdraw both your stake and the Agreement amount.

Congratulations on completing all phases of the Agreement! 🎊