13-Apr-2011 Source: Securus Escrow
Securus Escrow Ltd, the independent service that handles escrow accounts on behalf of international aviation buyers and sellers, is experiencing a growing number of enquiries from the international business aviation market. â€œWeâ€™ve seen a rise in demand covering a variety of aviation sectors including aircraft brokers, engine repairs, helicopter sales and even training schools,â€ said Geoff Gates, Managing Director.
Gates has identified seven key drivers that are propelling buyers and sellers towards using a European escrow agent. â€œAs the market is stabilising, and finance from new, as well as existing areas, is becoming available, potential clients are understanding the need to transfer money in a safe and secure manner and this is where Securus can support a deal.â€
Sympathetic time zones â€“More requests from the Middle East and Asian regions buying from Europe or the USA. â€œHaving convenient banking hours is a major advantage, specifically for brokers who like to see the deal completed so they can earn their commission.â€
Individual bank accounts â€“ Securus holds monies in individual bank accounts, rather than co-mingling. â€œBuyers and sellers are wary of havingÂ their monies mixed with another dealâ€™s finance, because should a deal collapse and monies have to be returned its much clearer returning funds from dedicated accounts
Multi currency accounts â€“ Offering multi-currency accounts in Dollars, Sterling and Euros mean transactors rarely have to exchange money, making the whole deal less expensive. â€œThis can save a significant sum when youâ€™re dealing with large amounts,â€ says Gates.
Signed terms and conditions â€“ The signing of agreed terms outlining both parties understanding of the escrow agentâ€™s role means there is less room for dispute later should a deal falter. â€œThis is rare amongst escrow agents yet is a major benefit should a deal end in a court case as there can be no doubting the original signed terms and agreement.â€
The independent view â€“ for those involved in an aircraft transaction it is good practice to have an independent service handling documents and cash transfers as this avoids conflicts of interest. â€œIn many cases vendors and purchasers will have very little knowledge of the others business background, so having a third party handle the all important documents and funds is really valuable,â€ comments Gates on the independent status of Securus.
Selection process â€“ selection of an escrow agent is agreed by the principals involved in the deal and will be affected by location, business practise and trust. â€œAs a professional company, approved by at Triple A status bank, businessâ€™s know there is reduced risk working with Securusâ€.
Aviation focus â€“ â€œItâ€™s what we do,â€ says Gates who focuses solely on aviation related transactions. As the only European company to offer an exclusively aviation facing escrow service clients know they are dealing with a company that understands the intricacies of aviation transactions.
â€œThe requirement for professional services during an aviation transaction is just one of the reasons for these trends. Securus is a validated business that can support a deal reaching across a variety of geographical regions. We aim to make the sale less complicated and reduce risks involved and thatâ€™s attractive when conducting an expensive and complex aviation transaction,â€ concludes Gates.