"Escrow" refers to a financial service where an independent third party holds the agreed amount of money until it's clear that all agreements have been complied with. Importing and exporting goods can involve large amounts of money, so it's only logical that you want to ensure the goods you've bought are as agreed, before any large payments are made. On the other hand, before you deliver your goods, you'll want to guarantee that the amount you've agreed will actually be paid. NBK is able to act as a neutral third party in these business transactions.
In order to guarantee our neutral position, NBK uses a independent account which is purely a channel to facilitate payments. It manages a blocked and separate account for third-party funds. Funds are only released to the seller once all conditions agreed in the sale agreement are met.
The party responsible for the escrow costs incurred has to have an account with NBK. New customers must open an NBK account and deposit a minimum amount.
If you want to learn more about our escrow service, feel free to contact us.
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If you have questions regarding forwarding, distribution or storage of adr goods (chemical) in our bonded warehouse feel free to get a quote!