What is escrow and how does it work? 
Relationship of the parties to the escrow agreement
According to the escrow agreement, the participation of three parties is stipulated. It is a depositor, a beneficiary and an escrow agent. Both legal and physical persons can be in the role of the depositor and the beneficiary. Their status is not limited by law, so this scheme is not only entrepreneurial.
The role of the escrow agent is very important. He is the guarantor of the transaction. The law also does not limit his official status. Banks and notaries can perform this role. For notaries, this type of activity is not completely new. Earlier, notaries took cash and securities on deposit to later transfer to the creditor.
For credit institutions (banks), this service is becoming more and more popular, albeit a newer one. As escrow agents, banks and notaries are more credible but they charge more for their services than just an “intermediary”, as it is the price of security guarantees. This function is often performed by lawyers and licensed specialized commercial structures.
So, according to the law, an escrow agent is any third party competent, legally capable, independent, acting as an intermediary between the depositor and the beneficiary. He must verify the correctness of the fulfillment of the transaction terms by both parties, and only then transfer the funds (property) entrusted to him to the beneficiary.
When making bilateral deals, which is common in civil law relations, a mutual escrow is legally stipulated, in other words, two parties to the contract appeal to an escrow agent at the same time. That is, each side acts simultaneously as a depositor and as a beneficiary. Such a construction is often used if the contract was concluded, but the parties did not fulfill it or the trust between them was not complete due to some circumstances. To guarantee the fulfillment of the contract, the parties turn to the services of an escrow agent. He acts as a kind of "arbitrator" in such complex transactions. But mutual escrow is not necessarily used only in conflict situations, it can be an ordinary bilateral transaction.
After listening to friends who boasted that they themselves made a travel to Montenegro, having independently booked an accommodation on the site booking.com we decided to follow their example. We chose a hotel with quality-price ratio being very good, in our opinion. During the booking process, we provided our credit card details, although payment for the accommodation booked on this site is made on site upon arrival, the hotel reserved the right to charge our card of the daily cost of accommodation there. All this would be normal until three days later we received notification that the cost of our accommodation would be almost twice the booked, and we could cancel the reservation only with the loss of the daily cost of hotel accommodation withheld from our card. All attempts to deal with the situation, either appeal to the website, or to the hotel, led to nothing. This feeling of complete powerlessness and helplessness in this situation was remembered for a long time. Therefore, on the first trip by Alliance Family Club we were able to appreciate all the advantages of a holiday well-organized and protected by the trustee Global Actual Services.
The Zholdoskaliyevs family (Kazakhstan)
The members of the club, the owners of T1