«Commercial Industrial Bank» offers its Clients a new service – opening and servicing an escrow account. Such an account reliably protects the parties from risks of non-performance of the terms of an agreement.
Escrow account (escrow account translated from English «Targeted deposit account») In short, it is a current account on which funds are blocked until all obligatory conditions under the contract between contracting parties are fulfilled.
Main advantages of escrow:
Monetary funds credited to an escrow account, through the obligations of each of the parties, cannot be subject to arrest or encumbrance; Funds remain safe on the account until the moment of fulfillment of obligations under the agreement between the holder of the escrow account and the beneficiary; The escrow account allows for increasing the confidence of the parties of the transaction that the interests of all participants are observed; Even if the transaction does not take place, the debtor will be able to return to themselves the funds that they planned to transfer to the seller or executor, but did not transfer due to the fact that the latter did not fulfill their obligations properly.
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