Paymaster

Lawyer Paymaster Services

A Paymaster Lawyer acts as a neutral third party to receive funds from any transaction between two separate individuals or businesses. The Paymaster Lawyer maintains an escrow account, then disburses those funds to the seller. After taking a small commission as payment for his services the paymaster reconciles the escrow account.

A Lawyer Paymaster is an arms length neutral third party who facilitates the payment of large sums of money representing fees and commissions. Lawyer Paymaster Services are commonly utilized for transactions such as trade platforms. The use of paymaster services can be one of the most effective means for intermediaries to insure they receive the fees, compensation or commisions which have been contractually agreed upon between the parties. Using our Lawyer Paymaster Service to enforce payment of commissions is the safest way to protect compensation in lieu of having a fee agreement between the parties alone.

Paymasters are usually used in transactions which involve large sums of money. For example, the transfer of large quantities of various financial instruments and commodities like Bank Guarantees, oil, gold or steel typically involve millions of dollars. The Paymaster’s services can be used to facilitate the payments and disbursement of funds.

Placing the funds in escrow with a neutral and trustworthy third party reduces the risk to both buyers and sellers in these transactions. It assures the seller that sufficient funds are available for payment, and it allows the buyer to receive title to the goods in question.

The Paymaster Lawyer is not party to the transaction, and does not know the exact time that it will close. Part of his job is to check periodically with the escrow account to ensure that the payment has been transferred in, then to disburse the funds as per his directions. Nor is the Paymaster allowed to disclose the identities of the parties to the transaction.

Paymaster services facilitate the transfer of commodities and financial instruments without the inconvenience that can arise through using Letters of Credit. No credit scores or bank references are required of either party. New companies with no established credit history can trade freely.

Braxton provides Lawyer Escrow and Paymaster services to private individuals, companies and corporations globally. We are a trusted, neutral, third party that collects deposits around international business transactions, holds funds in escrow and then releases those funds as per the parties’ contract.

We provide reliable and safe attorney escrow/lawyer paymaster transactions for all worldwide business needs including transactions involving financial instruments such as Medium Term Notes, T-Bills as well as the following commodities: Raw Diamonds, Steam Coal, Coal, Sugar, Coltan, Oil, Gas, Steel, Iron, Gold, Petroleum, JP54 and others.

PayMaster Dispersals

PayMaster dispersals can be made available for single or multiple accounts. To allow all mandates / broker parties to ‘let go’ knowing there is security of payment of commissions, non circumvention and confidentiality, the contract for the Paymaster Dispersal Product (PDP) will be simultaneously issued to the mandate / broker teams and agreed prior to any buyer / seller contract. This means whilst the anonymous buyer and seller verification is taking place the broker / mandates have the opportunity of establishing direct contact to Braxton ensuring payment.

Payments go by wire transfer into the mandates / brokers bank account. Only on receipt of an agreement in writing from all parties pertaining to the transaction can payment parameters be altered thus assuring no one party has precedent.

Compliance

All transactions are subject to our banks’ approval and verification of the origin of funds, and the client is advised to provide in advance to our office all supporting documentation and identification to ensure full compliance with the “Know Your Client” and “Know Your Transaction” policies.
To comply with Braxton will require several documentation from all parties who may be interested in employing our Lawyer Paymaster Services, including a copy of the underlying transactional documents, including but not limited to the fee agreement.

Withholding Taxes

The Paymaster does not withhold taxes. The individual or company is solely responsible for paying any taxes due.

Payments to other people from one commission

The Paymaster can pay several people out of the client commission, as long as all the details and banking information for each payee are clearly spelled out in the Fee Agreement.

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