Guarantees And Escrows
DataBroker is a unique marketplace that brings together buyers and sellers of data from all industries and sectors, and from all over the world. Through our platform, we want to make sure that our community of users has the best possible experience.
An important part of this is ensuring peace of mind, so you can buy and sell with confidence.
30 days guarantee and escrow
Once the Data Buyer and the Data Seller agree on a price and the payment is processed, DataBroker deposits and locks the earnest money in an escrow account for a period of 30 days.
The escrow account is managed by a blockchain smart contract which holds the payment to the Data Seller on behalf of both parties until the 30 days period is reached AND no complaint is received by the Data Buyer.
DataBroker acts as a neutral and trusted third party to collect the required payment from the Data Buyer and authorize the access to the data from the Data Seller.
We also request the data seller to ensure that data products which are once made available for sale are always live. If they are being removed or there is any downtime, we request the data seller to immediately inform DataBroker about the same. In case of a purchase made by a data buyer, and a data provider removes the data product from the platform, data provider is still liable to provide a copy of the data if the buyer requests a copy of the downloaded data within 180 days of the data purchase in case of a file-based data product. You are advised to keep a copy of data products being sold with you for 6 months after you remove it from the platform. If the sold data product is not available for access, API gateways stop working or IoT sensors are disconnected during the data sale period, data buyer is entitled to a full refund of the data purchase amount.
Conflict resolution
If there’s a mismatch between data the Data Buyer has purchased and how it was described by the Data seller, we recommend the Data Buyer to first contact the Data seller directly to discuss the problem, and try to come to an agreement about how to proceed.
In situations where you can’t resolve the issue amicably,the Data Buyer can Raise a complaint from his account which will freeze the payment to the Data seller till the conflict is resolved. DataBroker will enter into negotiations with both parties and decide on accepting a full or partial refund to the data buyer or process the payment to the data seller. In any situation, the data buyer and data seller are legally bound through the terms & conditions defined by the data seller and accepted by the data buyer at the purchase. These terms shall define how disputes can be resolved between parties.
