Helps to mitigate your transaction risks
What is an escrow?
An escrow is defined as a financial instrument whereby assets of value are held by an independent third party on behalf of participants in the process of completing a financial transaction. The third party, called the escrow agent will hold the assets until receiving appropriate instructions or until certain predetermined conditions are satisfied. Money, shares, securities, funds or other type of assets can be held in escrow.
An escrow is often used so that a neutral party can be involved in a transaction, giving the transaction participants more comfort in the deal as they know that an independent mediator can mitigate and resolve disputes that can possibly arise in a complex transaction with multiple settlement requirements.
Having an escrow account is essential especially when large sums of money is involved in transactions. This extra step is important because it protects the funds and ensures that everyone is held responsible.
ESCROW SG helps to reduce the risk of a transaction failing between parties.