Bitrated is a service that allows two parties to pre-select an arbitrator to hold one of three keys in a multi-signature transaction. Bitcoins UK will act as an arbitrator when buying bitcoins in exchange for GBP paid by bank transfer.
Below is a suggested template to use as the terms of the transaction, feel free to use (without warranty) and adapt to your needs. For more information see this blog post.
Note that the person selling bitcoins is considered the buyer, they are buying GBP in exchange for BTC.
The seller is selling £___ for ___BTC.
Both parties have agreed to use ________ as the arbitrator in case of dispute. Both parties confirm that they have read and agree to the arbitrators terms of business.
The buyer will send the BTC to a Bitrated multi-signature Bitcoin address.
The seller has previously identified themselves as __________ ___________ and agrees that the GBP payment will be made from a bank account in the same name. Due to price fluctuations in the exchange rate, the seller agrees that payment will be received no later than _____ on ______.
If GBP is sent from a bank account in another name or not within the specified time limit, it is agreed that the buyer may refund the GBP to the sending account and will be entitled to the release of BTC held at the multi-signature escrow address.