Buyer Non-Payment Policy Silky Road discourages buyers from backing out of a sale. If a buyer backs out, the seller can relist their business for free. Repeated cancellations by a buyer may result in sanctions being applied to their account. Is a Buyer Obligated to Continue with the Sale and Purchase? Buyer Obligations Once an [...]
Silky Road discourages buyers from backing out of a sale. If a buyer backs out, the seller can relist their business for free. Repeated cancellations by a buyer may result in sanctions being applied to their account.
Is a Buyer Obligated to Continue with the Sale and Purchase?
Once an offer or bid is placed, the buyer is expected to complete the sale to the best of their ability. However, Silky Road recognizes that certain situations may arise causing a buyer to reconsider, such as:
Gaining new information about the seller or listing that changes the perceived value or desire to proceed.
Changes in personal or financial circumstances that make it impossible to continue with the sale.
If a buyer decides not to proceed, and payment has not been made — or, where the deal used escrow, has not yet been released — with no assets transferred, the sale can be canceled and the seller can relist for free.
If payment has not yet reached the seller but assets have already been transferred to the buyer, those assets must be returned to the seller in the same condition before any payment is refunded to the buyer.
In case of disagreement regarding the return or condition of transferred assets, any related payment will not be released until both parties reach an agreement. If no agreement is possible, Silky Road recommends seeking independent arbitration or legal advice.
Repeated sale cancellations can lead to sanctions on the buyer's account, up to and including a permanent ban.
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