LEGAL

Escrow Service Agreement

Last updated: 1 March 2026 · Governs all escrow transactions on the Bumasan platform · Binding in English
WHAT THIS AGREEMENT COVERS
This Escrow Service Agreement (ESA) governs the relationship between Bumasan, the Buyer, and the Manufacturer when funds are held in escrow. By initiating an escrow transaction, all parties accept these terms.

1. Escrow account structure

Bumasan maintains a dedicated Escrow Account at a licensed Turkish credit institution (currently Garanti BBVA). This account is legally segregated from Bumasan's operating funds and holds buyer funds exclusively during active transactions.

2. How funds are held and released

Funds are released only when one of the following conditions is met:

  • Buyer confirmation: The Buyer confirms receipt and satisfaction within 5 business days of confirmed delivery.
  • Bumasan contact then release: If the Buyer does not respond within 5 business days, Bumasan contacts the Buyer directly before taking any further action. Funds are never auto-released without this contact.
  • Dispute resolution: Funds distributed per mediation outcome.
  • Mutual cancellation: Both parties agree in writing to cancel; funds returned minus processing fees.

3. Dispute resolution process

If the Buyer is unsatisfied, they must open a dispute within 5 business days of delivery. Once opened:

  • Funds are immediately frozen
  • Buyer submits evidence within 48 hours
  • Manufacturer submits response within 48 hours
  • Bumasan reviews and proposes resolution within 5 business days
  • Both parties have 24 hours to accept or reject
  • If rejected, Bumasan issues a final binding determination

4. Bumasan's role and liability

Bumasan acts as neutral intermediary. Bumasan is not a party to the purchase agreement between Buyer and Manufacturer and does not guarantee quality, legality, or fitness for purpose of goods. Bumasan's liability is limited to the escrow fee paid for that specific transaction.

5. KYC and identity verification

Both Buyers and Manufacturers must complete KYC verification to comply with Turkish anti-money laundering regulations before participating in escrow transactions.