Company Performance Metrics
Midcontract acts as a financial intermediary (arbiter) for clients, agencies, and freelancers from service industries, providing contracts with payments split into incremental and upfront installments, all backed by Escrow.
• Why It Matters: Regardless of how clients, freelancers, and service delivery companies conduct business, all parties face
regular financial losses due to non-payments, delayed payments, and ever-growing freelance marketplaces fees
• What's our Secret Sauce? Midcontract is the only platform that offers 100% Escrow for all contract types, as well as support for both fiat and crypto, combined with the extreme speed of money delivery (5x faster than Upwork, 8x faster than paper contracts), and low fees.
Example Use Case for core functionality: Imagine a freelancer, Alice, who agrees to a design project with a company, XYZ Corp. They use Midcontract to create a contract with specific milestones. Upon contract initiation, XYZ Corp deposits the agreed amount into an escrow account. As Alice completes each milestone, the smart contract on the Aptos network verifies the completion and releases the corresponding payment from escrow to Alice. This process ensures that Alice is paid on time for her work and XYZ Corp is assured of receiving the agreed-upon services, with all transactions securely recorded on the blockchain.
How It Works in Practice:
Contract Creation: Users create a digital contract outlining terms, milestones, and payment details. Escrow Service: Funds are securely held in an escrow account until contractual conditions are met. Payments: Upon milestone completion, payments become available to be released from escrow to the freelancer. Dispute Resolution: In case of disputes, the platform offers mechanisms for resolution based on the contract terms.
In essence, Midcontract makes remote work transactions transparent, efficient, and secure, leveraging blockchain's capabilities to provide an unmatched service in the freelance and service delivery markets.
