Commercial Law Legal Services
Our Commercial Department can provide services for local as well as international corporations. Such legal and corporate services include services for corporate contracts, hiring practices, partnerships, carriage of goods by sea, merchant shipping and any advice our clients might need in the area of manufacture and sales of consumer goods.
As part of this commercial practice, we have been engaged in the drafting and advising on various kinds of commercial agreements and deals with specific Company law matters and have, in this respect, been extensively advising various businesses in the formation of offshore companies as well as in international trade.
Escrow Arrangement Services
What is an Escrow Arrangement?
In general, Escrow Arrangements provide an independent service for two or more parties to ensure that a particular transaction will be successfully completed after the fulfilment of certain obligations that one party has made to another. Consequently, if a transaction requires escrow services in order to mitigate financial performance risk, you need a provider who can make the arrangements quickly, correctly, and securely, ensuring your transaction is successfully completed.
Why is an Escrow Arrangement necessary?
An Escrow Arrangement is essential primarily to mitigate the various risks incorporated in every transaction. For example, in the case of investors who share profits generated from a Joint Venture deal or a Merger and Acquisition deal or any other kind of deal, an escrow can help to protect the involved parties from default by any individual investor.
How does an Escrow Arrangement work?
After the establishment of a controlled revenue stream escrow, cash flow from a deal such as royalties, commissions or funds from franchise operations or any other kind of revenue resulting from a business deal, is delivered to the escrow agent, who then distributes the funds to the parties according to the agreed amounts and/or percentages as established in the contract. This type of escrow minimizes the possibility of misuse or misapplication of funds.
Advantages of Escrow Services
- Quick and easy way to setup a customised agreement with, as the case may be, release conditions
- The buyer is certain that the documents and/or funds can be released according to the escrow agreement
- The seller is certain that the buyer has the funds available in an account with a reliable and trusted third party institution
How can Parparinos Milonas Corporate and Legal Consultants assist you?
Parparinos Milonas Corporate and Legal Consultants can assist its clients by holding cash or any other assets or securities to ensure that the particular objectives and preconditions of a business deal are fully met and complied with. Cash deposits can be held in an escrow trust account, established by Parparinos Milonas Corporate and Legal Consultants for that particular reason, and which can be tailored according to your needs and requirements, thereby offering you peace of mind knowing that the escrow process is managed by trustworthy professionals in an efficient and cost-effective manner.
Agency Agreements Guide
In general, an Agency Agreement is defined as a legal contract establishing a fiduciary relationship whereby the first party (called “the principal”) agrees that the actions of a second party (called “the agent”) bind the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.
Parparinos Milonas Corporate and Legal Consultants strongly recommend that every Agency Agreement is made in writing. Also important is that both participants in such agreement get legal advice prior to its signing so as to avoid any potential misunderstanding or ambiguity in relation to the terms and conditions of such an agreement.
Usually, some of the key-terms included in an Agency Agreement are:
- The Term/Period that the agreement remains valid
- The Scope of the Agency
- Territory/Fields of Activity
- Accounting Requirements
- Insurance Policy
- Payment and/or Commission
- Disputes and Mediation Clauses
Option Agreement Guide
An Option Agreement can be defined as a right or privilege, which works as a continuing offer, given in exchange for consideration (something of value) in order to purchase or lease property or any kind of commodity or product at an agreed price and terms within a specified time.
Also, a common type of option agreement can be found within the real estate sector, where one party purchases the right to have the first chance of purchasing property at a specific price and at some time in the future.
Example of an Option Agreement
The seller can state to the purchaser, “If you pay me €1,000.00 today, I agree to sell the Yacht called “Sea Royale” to you for €100,000.00 on the condition that you pay the €100,000.00 within forty five days.” If the buyer pays the €1,000.00, a unilateral contract is established, and the offer is binding. The seller of the Yacht called “Sea Royale” is obliged to perform if the buyer pays the €100,000.00 within forty-five days.
Parparinos Milonas Corporate and Legal Consultants can produce such an agreement for you, which can be tailored to suit your needs. A detailed piece of document will be drafted, taking into consideration all relevant terms and conditions that must be included in such an agreement so as to allow you to complete your transaction smoothly and effectively.