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KIB JSC offers its Clients a new service - opening and maintaining an escrow account. Such an account reliably protects the parties from the risks of non-fulfillment of the terms of the contract.
Escrow account (escrow account translated from English "Target deposit account") In short, it is a current account in which funds are blocked until all the mandatory conditions under the contract between the counterparties are met.
The main advantages of escrow:
Funds credited to the escrow account cannot be seized or encumbered due to the obligations of each of the parties;
The funds remain safe in the account until the obligations under the contract between the owner of the escrow account and the beneficiary are fulfilled;
An escrow account makes it possible to increase the confidence of the parties to the agreement that the interests of all participants are respected;
Even if the agreement does not take place, the debtor will be able to recover the funds that he planned to transfer to the seller or executor, but did not transfer due to the fact that he did not fulfill his obligations properly.
