Escrow Account | ardshinbank

Escrow Account

 

Type of operation

Terms and Conditions

Customer Group

Escrow Account Owner, Buyer - Individual

The seller is an individual or legal entity, an individual entrepreneur

One-time fee for opening and maintaining an account [2]

0.25% of the amount deposited into the account, min. 50,000 AMD, max. 300,000 AMD

Account currency

The currency is determined by currency of the deal

Account term

срок определяется сроком сделки Эскроу

Annual nominal interest rate applied to the daily account balance

0% (the annual percentage yield is 0%)

Amendment of terms

20,000 AMD - to conclude an additional agreement for each amendment

Verification of the fulfillment of obligations specified in the Escrow Account Agreement [3]

50,000 AMD

Closing an account

Free of charge: the account is closed by the Bank after the expiration of the period established by the Escrow account agreement

Types of operations from the account [4]

Replenishment [5]

Cash in - at the terms set by the Bank for this service

Non-cash - receiving wires from the accounts of the same client or from the account of another client (also from another bank) - at the terms set by the Bank for this service

Withdrawal

Cash withdrawal - at the terms set by the Bank for this service

Non-cash - sending wires to the accounts of the same client or to the account of another client (also to another bank) - at the terms set by the Bank for this service

 

[1] An escrow account is a special bank account designed for the processing of a one-time transaction, which is designed to ensure payment for transactions for the sale of goods, services, property and other values.

- The bank pays the amount to the party specified in the escrow agreement upon presentation of documentary evidence of the fulfillment of the obligations assumed. If one of the parties of the contract does not fulfill its obligations on time or does not fulfill them properly, the money in the escrow account is returned to the party that deposited the money,

- The rights and obligations of the parties to open, maintain and service escrow accounts are determined by the relevant agreement.
The bank guarantees:
depositing funds into an escrow account,
timely payment of funds from the escrow account to the beneficiary in the event of documentary confirmation (presentation) of the fulfillment of obligations under the contract.

Escrow accounts cannot be pledged, seized, frozen (put under lien), seized against the customer's obligations, unless:

- related to obligations arising from instructions, cases, conditions or operations provided by RA legislation, normative legal acts, Contract and Order, or

- these funds are funds formed from the interest paid by the Bank to the client for using the funds in the escrow account, or

- These funds are considered to be property under Article 190 of Article 5 of the Criminal Code of the Republic of Armenia, or

- the term defined by the Agreement has expired.

The funds on the escrow account are guaranteed in accordance with the RA Law "On Guaranteeing the Reimbursement of Bank Deposits of Individuals".

[2] Opening and service an escrow account includes:
- opening an escrow account by consent of the parties of the escrow deal,
- Depositing the Buyer's funds to an escrow account (freezing funds),
- Documentary confirmation of the fulfillment of obligations,
- Payment or return of escrow funds to the Parties in case of fulfillment or non-fulfillment of the terms of the escrow agreement,

- The commission is charged from the account with each replenishment and is not refundable in case of refusal of the parties to the escrow deal from the deal.

[3] The commission specified in this point is charged if the Bank verifies the authenticity of documents certifying the fulfillment of contractual obligations specified in the Escrow Account Agreement, which, upon expiration of the Escrow Account Agreement, one of the Parties submits to the Bank.

[4] Undefined conditions in this document are regulated by the Terms of the Services provided by the Bank and those commissions that are subject to VAT include the VAT.

[5] To the escrow account, as a guarantee of the processing of the transaction, the amount or part of the amount is deposited for the purchase of goods, services, property, rights or other values.

 

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