A contract is the record of a single transaction on Waffy. It connects the buyer, seller, payment amount, payment method, and transaction outcome. Your platform creates the contract, the buyer funds it by making a payment, and your platform ultimately confirms and settles it.
Each contract goes through six fixed stages in order:
Created → Funded → Delivered → Confirmed → Settled → Completed
Your platform is responsible for triggering each transition between these stages.
For large transactions completed in stages, such as a project with multiple deliverables, you can use a single master contract with multiple stages under it. Each stage follows the same six-step cycle independently of the others.
You can check the status of any contract and the amount held in it at any time through your platform’s Waffy business portal.