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4. Which information is required by Fortis Escrow for arranging an escrow?
Fortis Escrow needs to receive a completed ENQUIRY FORM in order to understand what you require the escrow agent to do and properly advise you as to the best release conditions and the applicable escrow fees. If the escrow proposal of Fortis Escrow is acceptable to the buyer and seller, Fortis Escrow needs copies of passports of the authorised persons from the buyer and seller, bank reference from buyer and seller and company registration documents.
In addition to transaction specific information, such as price and details of the goods sold, delivery terms, their names and contact details, Fortis Escrow needs to receive the banking information of the buyer and supplier in order to carry out the settlements. This information includes the bank's name and address, account number and full name and address of the company holding the account (beneficiary).
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