420 STANDARD OPERATING PROCEDURE
Please note that we do NOT release samples or copies of our Escrow Instructions as they contain proprietary information and transaction-specific details that are subject to various privacy policies.
Escrow Instructions become available once Ultimate Escrow is successfully engaged as your Escrow Holder for your transactional needs. Thank you for your cooperation and understanding. We look forward to assisting you with your escrows!
420Escrows
GENERAL STANDARD OPERATING PROCEDURE (SOP)
FOR PERSONAL PROPERTY AND PRODUCT TRANSFER ESCROWS
As an Escrow Holder, we are required to maintain neutrality and work with all instructions provided as they are applicable and appropriate to the role of an Escrow Holder. This SOP is generic for public information only and to protect proprietary escrow processes and information.
ESCROW LIMITATIONS AND DUTIES:
As an Escrow Holder, we are required to maintain neutrality and work with all instructions provided as they are applicable and appropriate to the role of an Escrow Holder. This SOP is generic for public information only and to protect proprietary escrow processes and information.
More detailed SOP’s are in place and adhered to when handling actual product transfers, specifically and can be requested once you have initiated an open escrow.
We will:
- Have access to and retain all pertinent documents in non-redacted form
- Require all monetary consideration of the transaction be deposited into Escrow
- Require direct contact with all parties identified on the Supplier and Buyer Agreement
- Disburse funds to all instructed parties in accordance with established written instructions
- Adhere to all industry standard Privacy policies, Escrow Law and Regulations
We will NOT:
- Discuss, confirm, or negotiate product pricing with anyone except for confirming pricing for escrow purposes
- Release contact information to any parties within the transaction
- Release the non-redacted forms to anyone without expressed written instruction from the affected party/party of origin
- Sign or be a party to any NDA/NCNDA or any agreements/documents that align with the premise behind an NDA/NCNDA
ESCROW PROCESS:
Escrow will be considered initiated once the Supplier and Buyer have completed and provided to Escrow Holder the following items:
- Supplier team (“Seller”) to provide a copy of Entity Docs in order to establish signing authority, if applicable
- Buyer team (“Buyer”) to provide a copy of Entity Docs in order to establish signing authority, if applicable
- Fully executed Supplier and Buyer Agreement is provided to Escrow Holder
The complete escrow timeline is as follows:
- The Buyer shall deposit all funds required to complete the immediate transaction within 3 business days
- Escrow Holder can draft a Bill of Sale, upon request
- Upon receipt of funds, Seller is notified so that the delivery process can be initiated
- Seller to provide a shipping manifest or similar document to confirm the supply order
- Seller to provide “Exhibit A” for list of personal property included on the Bill of Sale, if applicable
- Original Bill of Sale to be on deposit with Escrow Holder, if applicable
- Product exchange is coordinated by the parties and possession is delivered to the Buyer
- Upon receipt of confirmation that possession has occurred, funds are released to the Seller
The Agreement is automatically closed once all funds are disbursed, unless there is a contract agreement in place.
The Agreement is automatically cancelled if funds are not deposited.
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