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Trade Escrow Services
When entering a trading transaction with unknown parties, the buyer and seller want protection for non-payment from the buyer and assurance that the seller will deliver.
The escrow agent can provide both buyer and seller with the required security.
The buyer pre-pays the agreed amount into the escrow account. The escrow agent confirms receipt to both parties. The seller ships the goods and sends the bill of lading to the escrow agent. The escrow agent sends the buyer the bill of lading and possibly the inspection certificate. The seller is then paid out of the escrow bank account.
The escrow arrangement between the same buyer and seller can be used for future transactions.
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