Services & Contracts
Escrow Service recommended by BACA
Offering financial protection to charter brokers and their clients, and to operators
What is the BACA Escrow service?
BACA recommends an escrow service run by a company specialising in Escrow services, to provide a secure deposit for funds being paid in advance to operators.
When a booking is being made by a broker considerably ahead of the flight date, and the operator requests payment of a deposit (or all) of the charter price well in advance, there is a risk involved. If the operator should cease trading or get into financial difficulty during the intervening period, the advance payment may be lost, and the broker and client may have no options for the recovery of the funds.
The Escrow account acts as a safe, independent depository for those advance funds (provided that all parties agreed to its use in each case), and the money can be forwarded to the operator nearer to, at the time of, or even after the flight date whichever is agreed by all concerned when the contract is set up.
Each transaction is individual, customised to the requirements of that particular operation, and the actual process of moving the funds in and out of the relevant accounts is administered by you and the Escrow provider, so there is no risk to confidentiality.
Please contact us at firstname.lastname@example.org for more details.