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In a meeting between your Company Chief Executive Officer (CEO) and the supplier’s CEO, it was...

In a meeting between your Company Chief Executive Officer (CEO) and the supplier’s CEO, it was agreed that the dispute could not be settled due to the entirely different understandings the parties have regarding the quality clause of the contract. Since 8 million EURS are tied up in escrow, both sides would like a quick resolution. What is your advice?

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Answer #1

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Under Escrow, when there is disagreement between the parties, escrow gives a period of 14 calender days to resolve the issue.

After 14 days, if both the parties have not come to a solution a last period of 14 days is given resolve the issue.

If after 14 days also the issue is not resolved then the money is refunded after deducting the Escrow fees.

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