These Terms and Conditions (“Terms”) govern the use of the Lucid Escrow platform (“Lucid”, “we”, “us”, or “our”). By accessing or using the Lucid application, website, or services (collectively, the “Platform”), you (“User”, “Buyer”, “Seller”, or “Counterparty”) agree to be bound by these Terms.

1. DEFINITIONS

• Escrow Account: A secure account held by Lucid for the purpose of temporarily holding funds pending transaction completion. 
• Transaction: Any agreement between two or more counterparties facilitated through Lucid involving funds held in escrow. 
• Counterparty: Any buyer, seller, or participant in a transaction, including multi-party transactions. 
• Funds: Money deposited into escrow in connection with a transaction. 
• Release Conditions: The agreed conditions under which escrowed funds are released 

2. ROLE OF LUCID

2.1 Neutral Escrow Agent

Lucid acts solely as a neutral escrow agent. Lucid does not act as a buyer, seller, broker, advisor, or representative of any counterparty. 

2.2 No Involvement in Underlying Transactions 

Lucid does not:

• Verify ownership, legality, quality, or condition of goods or services 
• Guarantee delivery, performance, or payment 
• Investigate the truthfulness of representations made by counterparties 

All transactions are entered into at the Users’ own risk. 

3. ACCOUNTS REGISTRATION & USE

Users agree to:

• Users agree to: 
• Provide accurate and complete information 
• Maintain the confidentiality of login credentials 
• Be fully authorised to enter into transactions 

Lucid reserves the right to suspend or terminate accounts for false information, fraud, or misuse. 

4. TRANSACTION CREATION & FUNDING 

4.1 Binding Effect 

A transaction becomes binding when: 

1. All required counterparties accept the transaction terms on the Platform; and 
2. Funds are deposited into Lucid’s escrow account. 

4.2 Control of Funds 

Once funds are deposited, Lucid controls the funds strictly in accordance with these Terms and the transaction instructions. 

5. VOIDING, CANCELLATION & WITHDRAWAL 

5.1 No Unilateral Voiding 

Once funds have been deposited into escrow, no counterparty may unilaterally void, cancel, reverse, or terminate the transaction. 

5.2 Multi-Party Transactions 

For transactions involving multiple counterparties: 

• The withdrawal, cancellation, or non-participation of one or more counterparties does not automatically void the transaction. 
• A transaction involving multiple counterparties shall not be voided if one (1) or more counterparties attempt to exit. 

5.3 Conditions for Cancellation 

A transaction may only be voided if:

• All counterparties expressly consent in writing through the Platform; or 
• Lucid receives a valid court order, arbitration award, or legal directive. 

5.4 Protection Against Abuse 

Lucid may reject any cancellation request intended to: 

• Evade obligations 
• Defraud another party 
• Manipulate escrow protections 

6. DISPUTES

6.1 Mandatory Reporting 

All disputes must be formally reported through Lucid’s dispute reporting mechanism. 

6.2 Suspension of Funds 

Upon dispute notification: 

• Funds shall be frozen 
• No release shall occur until resolution 

6.3 No Adjudication by Lucid 

Lucid does not determine fault, liability, or entitlement and does not mediate disputes beyond enforcing these Terms. 

7. LEGAL PROCEEDINGS & LAW ENFORCEMENT 

7.1 Escalation

Where disputes cannot be resolved, parties may be required to seek resolution through: 

• Courts of competent jurisdiction 
• Arbitration 
• Law enforcement

7.2 Compliance with Legal Orders

Lucid shall comply strictly with any lawful order, including: 

• Release of funds 
• Refund of funds 
• Continued holding of funds 

7.3 No Liability for Outcomes 

Lucid shall not be liable for outcomes resulting from court or law enforcement decisions. 

8. RELEASE OF FUNDS

8.1 Release Conditions 

Funds shall be released only when: 

• Disbursement preconditions are met 
• All counterparties confirm completion; or 
• A binding legal order instructs release 

8.2 Finality 

Once funds are released in accordance with these Terms, the transaction is final and irreversible. 

9. FRAUD & MISCONDUCT

9.1 Prohibited Conduct

Users may not: 

• Attempt to cancel transactions after receiving benefits 
• Submit false disputes 
• Misrepresent facts 
• Engage in fraudulent or bad-faith conduct 

9.2 Enforcement Rights

Lucid may: 

• Suspend or terminate accounts 
• Restrict platform access 
• Report activity to authorities 

10. FEES 

Lucid may charge escrow, transaction, or service fees as disclosed on the Platform. Fees are non-refundable unless expressly stated otherwise.

11. LIMITATION OF LIABILITY

11.1 No Liability for Counterparties 

Lucid is not liable for: 

• Fraud between users 
• Failure of delivery or performance 
• Financial loss arising from underlying transactions 

11.2 Liability Cap

Lucid’s maximum liability shall not exceed the escrow fees paid for the specific transaction.

12. INDEMNIFICATION

Users agree to indemnify and hold Lucid harmless from any claims, losses, damages, or legal costs arising from: 

• Breach of these Terms 
• Disputes with other counterparties 
• Illegal or unauthorised activities 

13. TERMINATION

Lucid may suspend or terminate access to the Platform at its discretion where: 

• These Terms are breached 
• Fraud or misuse is suspected 
• Required by law

14. GOVERNING LAW & JURISDICTION 

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.  All disputes involving Lucid shall be subject to the exclusive jurisdiction of the courts of Lagos Court of Arbitration (LCA) or a neutral venue like the London Court of International Arbitration (LCIA). 

15. AMENDMENTS

Lucid reserves the right to update these Terms at any time. Continued use of the Platform constitutes acceptance of updated Terms. 

16. CONTACT 

For questions, disputes, or notices, please contact Lucid via email:

lucidsupport@wizerconsulting.com 

devops@wizerconsulting.com