What is Escrow in International Trade?
Our Escrow Service can help you close more deals by simplifying payment methods and terms where perhaps otherwise a letter of credit might be called for.
As the freight forwarder for the goods we are able to enter into a tripartite agreement between the shipper and consignee and act as agent for both in ensuring agreed terms are met and the goods are delivered into our care and control.
Essentially the buyer remits the funds to our nominated bank account and we undertake to release the funds the seller upon the cargo being delivered into our care and control for shipping by us to the buyer. Typically delivery to the nominated export port and production of the dock receipt is the trigger for us to release the funds to the seller.
Our escrow service gives both the buyer and the seller protection and therefore confidence to close the deal quickly without the rigmarole and fees letters of credit require.
Please contact us to learn more or to request our Escrow Service Tripartite Agreement Template.