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Escrow account
An escrow account is an account of conditional storage of funds until the counterparties fulfill their obligations
Advantages
Reliability
Bank as a third party acts as a guarantor of counterparties’ contractual obligations
Safety
After the funds are credited to the account, they do not belong either to the buyer, or to the seller until grounds arise defined by the agreement
Timeliness
Raif guarantees that the 5 days deadline of verification and transfer of funds after provision of documents will be met
Confidence
After the documents are received the funds on the Escrow account cannot be foreclosed or arested
THE ESCROW ACCOUNT IS USED IN CASE:
commercial settlements with counterparties, where the subject is goods, services and intellectual property rights, purchase /sale of real estate, business
- there is no confidence in the counterparty
- a guarantee is needed that your funds will be repaid, if the counterparty does not fulfil the requirements
