Escrow Services
Escrow Services
An escrow relationship is a contractual arrangement in which a third party receives and disburses money, property, documents or items for the primary transacting parties.
Description & Features
An escrow agreement is a contract that outline the terms and conditions between parties involved and the responsibility of each. Escrow agreements generally involve an independent third party called an escrow agent who holds asset of value in trust until the specified conditions of the contract are met.
Features
- Memorandum of Understanding between Transacting parties.
- Underlying contract.
- Letter to FirstBank requesting for an Escrow.
Value Proposition/Gain
- Mitigating transaction risks amongst transacting parties providing greater comfort to them.
- Convenience and safety of funds/documents/assets etc.
- Increased Patronage for Corporates due to Trust provided by the Escrow.
- Enhanced security and safety for Cross-border payments for Services provided.
- Ease of payments and settlements.
Target Market
- Large Corporates/Multinationals (IOCs (International Oil Companies), Energy, Power, Construction, Telecoms etc.
- Government (Federal and States Ministries Departments and Agencies (MDAs) in Private Public Partnership (PPP) arrangements.
- Real Estate Developers and Investors
- Domestic and foreign companies with intent for cross-border transactions.
- Online and eCommerce businesses for online escrow transactions.
