Escrow

A service guaranteeing the proper performance of obligations under a contract concluded between two parties

ESCROW account Escrow Account Contract Required documents Unwinding mechanism Fees

ESCROW account

gBeneficiaries

Natural or legal persons

h Any amount
j Currency

MDL, EUR and USD

It is a bank deposit, the purpose of which is to deposit amounts of money at the bank, deposited by the depositor, at the disposal of a beneficiary, until the fulfilment of certain conditions specified in a contract concluded by the bank with both parties, as a guarantee that the amounts will be used strictly for the purpose set out in the written commitment.

Transactions for which an ESCROW Account may be used are, but are not limited to, the following::

  • Real estate transactions
  • ale - purchase of motor vehicles or complex machines
  • Consultancy services with payment based on a success fee
  • Transfer of ownership of web domains (website names) or complex software, etc.

Escrow Account Contract

The ESCROW Account Contract contains the terms and conditions for submitting and depositing amounts to the ESCROW Account and for distributing the amounts from this account and is concluded between the signatory parties:

  • ESCROW Agent - represented by the Bank
  • Depositor of funds - the party responsible for depositing money into the ESCROW Account
  • Funds Beneficiary - the party to whom the amount of money deposited in the ESCROW Account by the Depositor will be transferred after fulfilling the contractual conditions

Required documents

  • Identity cards of the Depositor and the Beneficiary, in case of natural persons
  • Commercial/business relationship contract concluded between the Depositor as buyer and the Beneficiary as seller
  • Application for engagement of the bank as ESCROW Agent according to the bank's form
  • ESCROW Account Agreement provided by the bank

Unwinding mechanism

  • Signing of ESCROW Account Contract
  • Opening of ESCROW Account
  • Depositing money into the ESCROW Account by the Depositor. Submitting of the deposited amount until the agreed conditions are met
  • Fulfilment of the contractual conditions by the Beneficiary and execution of the payment to the Beneficiary
  • Closing the ESCROW Account

Fees

Are included in the Rates and Fees in force on the date of the operation

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