What is Escrow ?

Escrow is a kind of protected legal agreement between two parties under the trust of neutral third party. According to this agreement, an asset like project money, property or other tangible asset will be deposited to a mediator. Once the conditions are met per the agreement, the escrow mediator will release the money or asset or property to the party(s) as prescribed in the contract agreement.

Escrow is a safe way to handle projects and other other business transactions under the trust of a mediator who has some reputation in the market. It is especially useful for online projects and outsourcing work.

Escrow is also used in the field of automated banking (like ATM) and vending machines (like pop dispenser).

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