Escrow account is a special bank account to which the money required for the acquisition of a product, service, movable or non-movable estate is credited on a condition of being deposited. In case of submission of documentation as a proof of implementation of liabilities Bank shall pay to the party specified in the agreement. If one of the parties does not implement the liabilities on time or implements it inappropriately the amount on escrow account shall be returned to the party who has been credited the amount.
- escrow account deposit funds,
- on time payment of funds to the beneficiary made from escrow account in case of submission of documentation as a proof of implementation of liabilities as stipulated under the agreement