Business holding escrows can be long, drawn out, complicated agreements that involve not just the transfer of goods, but also the performance of services. These transactions can involve professionals from a wide variety of industries ranging from food service, to the entertainment business, to distributors, and every other industry imaginable. The key is that special holding transactions involve timing that is not customary in the traditional residential or commercial real estate industry.
For example, concert tour escrows may require funds be dispersed at regular intervals, each corresponding with the completion of specified services at each venue. An artist or promoter may need to open an escrow account to manage funds from a concert tour, and ensure artists, performers, stage crews, and others involved are all paid regularly and on-time for their services. Even the venue owners need assurances that they will be reimbursed for the use of their facilities, and that all criteria, like cleaning and maintenance requirements, are satisfied and meet the requirements of the contract for the facility. New Era Escrow provides an escrow team that is experienced and reliable, and we are one of the few companies that are specially licensed and insured to handle these types business holding escrows.
One example of such timing may be an escrow involving an artist and producer. The producer provides funds in exchange for the performance of the artist’s services. The artist is not paid until the producer gets the benefits involved with the artist’s services. This is where New Era Escrow comes in. We hold the proceeds, giving the artist peace of mind that they will get paid when their project is complete, and allowing the producer the peace of mind that his funds will not be taken without receiving what is due. Our team of skilled escrow agents, experienced holding escrows, will ensure that all aspects of the contract are met and that all parties satisfy their requirements, as specified in the escrow instructions, prior to release of funds.
Movie and film productions are another prime example of the complicated escrow services New Era Escrow is specially licensed to handle. Film productions often involve thousands of participants, both in front of and behind the camera, and can include many locations and venues, all of whom have a stake in the production and the associated funds. With decades of experience, our experienced escrow agents can structure your holding escrow or timed escrow to satisfy your particular business needs. From film production to distribution, we cover all escrow services for the entertainment business.