Overview
Escrow is a special bank account maintained by the contracting parties with a bank, whereby the funds are held in banking accounts and the operation of the same are governed by the agreement executed between the parties involved in the transaction.
With Escrow, both the parties are assured that a transaction can be carried out in a way that funds are set aside for the transaction and funds are released only after completion of terms of the contract. The service assumes tremendous importance for high value transactions where there are higher risks for both parties,