PANAMA TITLE & ESCROW, INC. (PT&EINC), a
Panamanian corporation, here forward denominated as THE ESCROW
The person or legal entity requesting the services
from THE ESCROW AGENT, is here forward denominated as THE
The signed agreement between THE ESCROW AGENT and
THE CLIENT is the Escrow Contract (here forward denominated
as the ESCROW CONTRACT).
(OBJECTIVE): THE CLIENT shall contract with THE ESCROW AGENT,
to administrate THE CLIENT’S funds for a specified transaction.
(FUNDS RESPONSIBILITY): The funds will be provided by THE
CLIENT, who assumes all the responsibilities associated with
the origin of said funds.
(CLEARING OF FUNDS): THE ESCROW AGENT agrees to clear all
valid and authentic bank drafts, checks, or other financial
instruments belonging to THE CLIENT, through the financial
accounts of THE ESCROW AGENT. Once said funds have cleared
in the accounts of THE ESCROW AGENT, THE ESCROW AGENT agrees
to follow the orders of THE CLIENT in transferring said funds
as per THE CLIENT'S written instructions. Standard US Dollar
check clearing through the accounts of THE ESCROW AGENT takes
a total time period of twenty one (21) business days, or in
some cases longer, depending on the banks discretion. Wiring
funds to third parties on average, take four (4) business
days or longer.
(DUE DILIGENCE): THE CLIENT is required to provide to ESCROW
AGENT the following documentation:
and legible photocopy of passport.
(1) original bank reference letter, on bank letter head,
dated no more than 6 months prior to the date of the present
contract, signed by a representative of the bank, with
complete bank contact information for verification purposes.
(1) original deposit form, signed by THE CLIENT, providing
the personal information of the client, and details of
(FUNDS DESCRIPTION): The funds that will be provided by THE
CLIENT will be the described on the ESCROW CONTRACT.
(FEES): THE CLIENT shall pay, in concept of escrow fees, for
the funds administration and professional services provided,
and further stipulated in the present contract, to THE ESCROW
AGENT, THE ESCROW AGENT fees detailed as per the ESCROW CONTRACT.
In addition to the Escrow fees, THE CLIENT is obliged to pay
THE ESCROW AGENT for any other associated bank fees, transfer
fees, legal fees or miscellaneous fees, associated with the
transactions instructed by THE CLIENT.
(DURATION): The duration of the ESCROW CONTRACT shall be for
the term of the transaction. In the case of termination of
the ESCROW CONTRACT anticipated by part of THE CLIENT, THE
CLIENT shall pay the totality of the value of fees described
therein. THE ESCROW AGENT may, at any time, cancel the ESCROW
CONTRACT, without any responsibility to THE CLIENT.
(ANTICIPATED TERMINATION): THE ESCROW AGENT may terminate
the ESCROW CONTRACT, in an anticipated form and without any
responsibility to THE CLIENT, for any of the following reasons:
or fraud on the part of THE CLIENT.
or illicit acts on behalf of THE CLIENT.
payment of fees on behalf of THE CLIENT.
or incompliance of any of the clauses of the contract
on behalf of THE CLIENT.
the event of anticipated termination of the ESCROW CONTRACT,
all funds cleared and received into the accounts of THE ESCROW
AGENT, shall be returned back to THE CLIENT, within 30 business
days, deducting all THE ESCROW AGENTS fees, banking fees,
and other costs associated with the clearing and transferring
of funds, whether by bank wire transfer, check, or other means
agreed upon in writing.
(INDEMNIZATION): THE CLIENT is committed to indemnify THE
ESCROW AGENT, its partners, associates, directors, officers,
agents, affiliates, subsidiaries, representatives, employees,
attorneys-in-fact, etc.., without any reserve whatsoever from
every responsibility of any kind whatsoever, from any and
all actions, proceedings, judicial and extra-judicial claims
and complaints, whether for any losses and /or damages to
property, loss of earnings, loss caused by errors, consequential
damages, prejudice, damages for loss of profit, physical damages,
moral damages, incapacitation and /or injuries that have been
endured by THE CLIENT, before, throughout or after, as a direct
or indirect result of, the services provided or ordered to
be provided by THE ESCROW AGENT based upon any business relationship
established contractually or extra-contractually with THE
CLIENT personally and /or entities and /or interests that
THE CLIENT may have and /or represent, anywhere in the world.
Likewise, THE CLIENT shall discharge and relieve THE ESCROW
AGENT without any reserve whatsoever, for the results and
/or effects of the acts, businesses, affairs, operations and
other facts and acts that THE ESCROW AGENT may perform or
order to be performed or make based upon orders, acts, mandates,
etc., instructed or performed by THE CLIENT, as well as by
any other natural and /or juridical person whatsoever related
to THE CLIENT, whether through authorized persons or a third
party. Neither is THE ESCROW AGENT liable for the civil, penal,
fiscal and any other type or kind of actions that might be
performed against THE CLIENT and /or any natural and /or juridical
person related to THE CLIENT individuals or private and /or
public institutions for acts performed by THE CLIENT (whether
through the authorized persons or through third parties) in
the course of the business. Therefore, no damages, prejudice
and /or liability, whatsoever, in connection with THE CLIENT
shall be ascribable to THE ESCROW AGENT and other persons
(CONFIDENTIALITY): Both parts, including THE ESCROW AGENT,
and THE CLIENT, are obliged to maintain strict confidentiality
over all documents and information throughout a period of
three (3) years after the termination of the present contract.
(CLAIMS FROM THE EMITTER OF THE FUNDS): In case of any claim
from the emitter of the checks or funds, provided from THE
CLIENT to THE ESCROW AGENT, THE CLIENT will assume all the
responsibility associated with such claims.
(CLIENTS DECLARATION): By these means, THE CLIENT declares
that the funds, provided to THE ESCROW AGENT, are originated
from legal personal or commercial activities.
(APLICABLE LEGISLATION): Both parties, including THE ESCROW
AGENT, and THE CLIENT, accept that any dispute over the present
contract shall be resolved before the courts of the Republic
of Panama, with the application of Panamanian legislation.