- ArbStore
ArbStore, the legal entity described in arbstore.org, supports cross-border trade and services with arbitration for P2P crypto payments by facilitating dispute resolution . ArbStore links parties who have entered a transaction that might eventually result in a commercial or legal dispute (the “Parties”) with arbitrators for the resolution of their disputes via smart contracts. For the purpose of these Terms and Conditions, arbitration means the online dispute resolution service facilitated by ArbStore and regulated by the terms of this Terms and Conditions and the terms described in section “User guide for contracts with arbitration” section in ArbStore’s page (arbstore.org/guide) (the “Guide”). To the extent permitted by public policy, arbitration facilitated by ArbStore is not subject to any other arbitration rules, conventions or treaties.
- The Parties
The Parties wish to enter an online transaction using a smart contract with arbitration (the “Transaction”) and, should they have a dispute (the “Dispute”), resolve it in accordance with the Guide. Accordingly, the buyer in the Transaction agrees to deposit the transaction funds, in cryptocurrency, (the “Transaction Amount”) in a Smart Contract created by the Parties for the Transaction, in escrow, pending satisfactory completeness of the Transaction.
The Parties appoint an arbitrator out of those listed on ArbStore’s website (the “Arbitrator”) to resolve the potential Dispute. The Parties are responsible to select an Arbitrator who, according to the Arbitrator’s description in ArbStore, is qualified or has the adequate level of expertise required to solve the potential Dispute. The Parties are recommended to reach out and confirm directly with the Arbitrator that he/she has the adequate qualifications or level of expertise to resolve the potential Dispute. The Arbitrator may charge an additional fee for this consultation.
If the selected Arbitrator does not feel that he/she has the right qualification or level of expertise, the Arbitrator may decline the appointment and the Parties shall select another Arbitrator within ArbStore or find another way of concluding their contract with another dispute resolution method.
By selecting the Arbitrator, the Parties agree to the Arbitrator’s fees and other terms described in the Arbitrator’s profile.
- Escrow
The Transaction Amount will be kept in escrow, in the smart contract, by the Parties until the Transaction is satisfactorily completed, in which case the Parties shall release the Transaction Amount from the smart contract to their counterparty, and the seller shall get paid, or the buyer shall get refunded, in accordance with the Guide. If the Dispute arises, the Arbitrator will resolve the Dispute and will make the corresponding funds available to the winning party.
Neither ArbStore nor the Arbitrator will be holding the Transaction Amount on behalf of the Parties, nor will they maintain the Transaction Amount or any other funds in custody for the Parties
- Arbitrators
The Arbitrator is either a legal professional or has technical or commercial knowledge that allows him/her to resolve legal, technical or commercial disputes. The Arbitrator in ArbStore can also be a legal entity composed of several real persons and represented by a single person or a group of persons (via a multi-signature wallet).
The Arbitrator has been admitted to join the ArbStore arbitrators’ cast. Should the Dispute arise, the party claiming the breach (the “Claimant”) may instruct the Arbitrator to resolve the dispute.
Arbitrators shall keep their profile in ArbStore updated, true and accurate at all times.
Arbitrations may review their proposed pricing in ArbStore at any time but they shall respect the fees that were active during creation of the disputed contract.
No other third parties shall be included in these Terms and Conditions unless prior written consent between the parties has been obtained.
Arbitrators shall remove themselves from the Arbitrators’ list if they expect to be unavailable from some time.
ArbStore shall be entitled to remove Arbitrators from the Arbitrators’ list, at any time.
- Arbitration Process and Pleadings
Generally, the arbitration process, in equity or in law, will follow the steps described in ArbStore’s webpage. Arbitrators may change the process as they deem appropriate
- Conflict of Interests
The Parties declare that they do not have any common interest or relationship with the chosen Arbitrator that may bias or influence the Arbitrators’ judgment to resolve a potential Dispute.
- Arbitrator’s representation
The Arbitrator commits to resolve the Dispute in the terms described in the Guide and the Arbitrator’s profile on ArbStore and represents that he/she has the technical and legal competence required to resolve disputes in the fields the Arbitrator indicated in their profile on ArbStore and shall resolve the dispute with professional diligence.
- Costs and Fees
The seller will pay ArbStore 0.75% of the Transaction Amount.
Arbitration fees, as indicated in the Arbitrator’s profile shall be paid by the Claimant to the Arbitrator as described in the Guide.
- Waiver
By entering these Terms and Conditions, the Parties commit to submit the Dispute to resolution by the Arbitrator. To the extent permitted by applicable laws and public policy, the Parties waive their rights to take the Dispute to a court of justice and to appeal the Arbitrator’s decision resolving the Dispute (the “Award”).
- Confidentiality
Until the Award is issued, neither party may reveal any information pertaining to the Terms and Conditions or related to the Dispute or the arbitration proceedings publicly.
Once the Award is issued, it will be registered in the Obyte direct acyclic graph (DAG). Details of the Transaction and the Dispute shall remain confidential. Such details may not be disclosed to third parties without written approval from both Parties, ArbStore and the Arbitrator.
- Privacy
The Arbitrator agrees to join ArbStore’s Privacy Policy as a data controller. The Parties grant consent to ArbStore and the Arbitrator to collect and treat their personal data in accordance with ArbStore’s Privacy Policy for the purposes of resolving the Dispute.
- Representations
The Parties represent that they have the legal capacity to enter into these Terms and Conditions and that the Transaction and its subject matter is legitimate and does not violate any applicable laws.
The Arbitrator shall refuse to grant an Award should he/she suspect that the Parties have entered this Terms and Conditions in breach of this representation.
- Termination/Force majeure/Impossibility to provide the service
The Arbitrator’s obligation to resolve the Dispute will extinguish in case of force majeure, inability of the Arbitrator to deliver the Award, by any reason, or any other circumstance that makes resolution of the Dispute impossible (e.g. loss of keys).
- Liabilities
ArbStore will be exempted from any liability arising from the Transaction or the resolution of the Dispute by the Arbitrator. ArbStore shall not be liable for any loss or damages caused by the Arbitrator to the Parties and by the Parties to each other and to the Arbitrator. ArbStore will make reasonable efforts to ensure that the smart contract and the dispute resolution process work smoothly.
Should any of the Parties consider that the Arbitrator has not acted independently, diligently or in good faith, such party should communicate this to ArbStore and ArbStore shall initiate the corresponding inquiry and appoint a moderator in accordance with the Guide.
The Parties shall be entitled to initiate legal action against the Arbitrator if the Arbitrator has acted in bad faith, conflict of interests, with negligence or in breach of his/her representations under these Terms and Conditions.
- No Invalidation
Violation of, or failure to uphold, any single article of these Terms and Conditions shall not constitute cancellation or waiver of any additional articles of these Terms and Conditions.
- Applicable Law and dispute resolution.
These Terms and Conditions are subject to Spanish law. Any dispute, controversy or claim arising out of or relating to these Terms and Conditions, shall be resolved by the courts of Barcelona.
- Acceptance of Terms and Conditions.
By using contracts with arbitration and selecting an Arbitrator listed on the ArbStore, the Parties accept these Terms and Conditions, including the Privacy statement. Arbitrator accepts these Terms and Conditions and ArbStore’s Code of Conduct for Arbitrators, including the Privacy statement, by registering on the ArbStore.