ESCROW service ensures proper execution of the agreement on advance subsidies or the Ā grant funding agreement that require Ā the opening of an ESCROW account for transferring/holding/blocking certain amounts of money until the conditions specified in the ESCROW agreement are met.
APIA / IFAD ESCROW service
How does it work?
1
Advance depositing of the ESCROW account by the APIA and the beneficiary of subsidy or investment grant.
2
Blocking the amount transferred to the ESCROW account by the bank.
3
Making payments from the ESCROW account exclusively for fulfilling the obligations set forth in the ESCROW agreement.
Zero fee for opening and managing the ESCROW account.
No risk of failure to fulfil the obligations.
No mistrust between business partners.
Amounts are used strictly by destination.
Zero fee for opening Ā a current account Ā servicing the ESCROW product.
Conclusion of an ESCROW agreement:
- 5% of the agreement amount; minimum MDL 1,000, maximum MDL 6,000.
- 5% of the agreement amount; minimum EUR/USD 100, maximum EUR/USD 500.