To secure successful implementation of purchase and sale deal, or any other contract associated with reimbursement, GEMB offers to set up Escrow account and to sign trilateral contract.

The core of escrow account

The party to the contract pays to the Escrow account the amount stipulated in the contract payable to the other party. Upon receipt of documentary or other legal confirmation of the fact that the parties to the contract have discharged their liabilities under the contract, and pursuant to the relevant agreement on escrow account, the bank pays over the amounts previously paid in to the escrow account.

Thus, the parties will not run the risk of default of the contract.

Neither contractual party will be entitled to withdraw the funds from the Escrow account, except as provided in the agreement on Escrow account. In the event the parties fail to meet their liabilities in the time stipulated in the contract, the funds will be repaid to the payer by the bank.

Validity of the escrow account may be extended by common consent of the parties.

This procedure of payments is a good opportunity to settle accounts in whatever deals associated with reimbursement. This procedure especially suits real estate services.

Tariffs

For more information, please call the bank's specialists on (371) 7024715, 7024775, or contact the nearest GEMB branch.