Non -Travel Arrangements
What is a Non -Travel arrangement?
A Non-Travel agreement is a contract that defines a financial arrangement between two parties where one party (“Buyer”) deposits funds with PTT in a specified client account. The funds are held in “trust” for the second party (“Seller”) for a given transaction or series of transactions between the two parties. PTT then holds and regulates payment of the funds or delivery of the asset to the Seller when the contract conditions are met.
The use of PTT’s services helps ensure the security of transactions by ensuring the funds are kept in a secure Non-Travel account which are only released when all of the terms of an agreement are met as overseen by the Non-Travel company.
PTT would work with both the Buyer and the Seller to hold the funds under a set of rules and conditions set out in the Non-Travel agreement which the three parties would sign. Non-Travels are very useful in the case of a transaction where a large amount money is involved in single and multiple transactions and a certain number of obligations need to be fulfilled before a payment is released.
PTT would ensure the funds are held safe until the transaction has been completed without risk of losing money or merchandise due to fraud. Such a process eliminates complicated legal undertakings and allows for secure transactions and confident buyers and sellers.
How does Non -Travel Trust Work?
Operating a Non-Travel arrangement should ensure the risk of fraud or non-performance is reduced with PTT acting as a trusted intermediary that would work with both parties to the transaction to ensure funds are collected and held in a safe bank account. The funds would then only be disbursed once the conditions prescribed in the Non-Travel agreement have been accomplished. Both Buyer and Seller would need to agree that delivery or performance has occurred.
The conditions documented in the Non-Travel agreement would:
1. Define and specify the terms agreed between the Buyer and Seller and all parties agree to the terms of the transaction(s).
2. The Buyer would deposit the funds into the Non-Travel account and provide information pertaining to the deposit to PTT. PTT would notify the receipt of funds to the Seller.
3. The Seller then completes its responsibilities as agreed between the Buyer and the Seller. Upon performance the Buyer would advise PTT to release the relevant funds to the Seller. PTT would conduct its own appropriate due diligence as specified in the Non-Travel agreement before releasing the funds.
4. Such a Non-Travel arrangement can involve multiple transactions over a period.
5. PTT may engage the services of other experts and legal and professional advisors where it needs specialist advise to confirm performance. The use of such experts and their fees would be agreed in advance and form part of the overall cost of providing the service.
