Escrow Contract - GenusDev/genie-portal GitHub Wiki

Will need to build a contract that manages escrow accounts. Funds raised are held in escrow by the platform. The funds are dispersed in three intervals according to each project’s progress (25%, 50%, 25%). This provides investor protections against bad-acting developers, as a project has to be substantially underway before each tranche of funds are released. The first deployment is secured on the deed transfer, which may eventually be enabled using a blockchain deed management tool, and the second deployment will occur when contractors are secured. The final allotment will be delivered at project’s end to cover unforeseen costs and final finishes. The developer or one of their project managers will present material evidence to its stakeholders of the progress made, and on 80% approval, the funds are released. The terms for that progress are outlined at project pitch.