The provision of a trusted, independent and efficient escrow service is a vital component of corporate transactions including asset purchases and in disputes. It is essential that all parties have confidence that the necessary due diligence checks are performed, funds are held securely, and the escrow service is executed smoothly and professionally with close attention to detail. The Baltic Exchange is offering an independent one-stop escrow service to all clients to facilitate a wide range of transactions.
Key Features of the Escrow Service
Using escrow in security payments for chartering
The chartering of vessels carries a degree of risk of non-performance for both shipowners and charterers. The stakes are higher when dealing with new or unfamiliar counterparties. The Baltic Exchange helps shipowners and charterers mitigate these risks during the chartering process by facilitating and holding a security payment relating to the charter in a dedicated escrow account.
The security payment typically represents a pre-agreed amount between the parties and is held as collateral to ensure that both parties fulfil their contractual obligations. Having the Baltic Exchange as the escrow agent gives all parties involved confidence that the service will be delivered with the highest level of professionalism, reliability and security.
To learn more about the escrow service and how we can support your escrow needs, please contact us at [email protected]