A Paymaster acts as a neutral third party in a transaction between two or more individuals or businesses. Typically, under an escrow contract, the Paymaster accepts a buyer’s funds into his escrow bank account, safeguards the funds in the account, then later disburses those funds to the seller, in accordance with instructions detailed in the transaction agreement(s). Additionally, the use of a Paymaster is an effective means for intermediaries (e.g., brokers) to ensure they receive their fees, commissions or other compensation as contractually agreed among the parties. The Paymaster receives a fee for providing services. Entrusting funds to a neutral and trustworthy third-party Paymaster reduces the risk to all parties in a transaction. It assures sellers and intermediaries that contracted funds are safe and available for payment, while allowing buyers to receive contracted delivery of goods and services with reduced financial risk.
Paymaster duties:
In most cases, the buyer and the seller involved in the transaction require a paymaster be named to handle all incoming and outgoing funds. A paymaster is a neutral third party and has no knowledge of any particulars of the transaction. They handle the incoming commissions, and then disburse the funds accordingly.
All parties will be responsible for any and all of their own reporting such as but not limited to tax reporting and preparation.
All disbursements will be done with wires to Corporation with American Bank accounts.
Disbursements will be in made in accordance to directions of the companies involved.
Any payment to the paymaster will be made by wire.
Payments to paymaster will be made in accordance to contract guidelines and disbursements will be made by wire as directed by contract/agreement guidelines.
Deposits/Wires will be made to paymasters account to be transferred into an escrow account for each project for tracking and security to keep records separate.
Should there be several projects; several escrow accounts will be made for each project.
An account record will be made for each account to keep any and all records separate,
such as payments of income in, date and time as well as all disbursements of any and all wires out.
Any additional fees for transfers, taxes, bonds and or insurance, should there be, if necessary, will be the responsibility of each party receiving funds, not the paymaster.
All American Center, Inc. will be handling the incoming payment from source, and then wire disburses of funds accordingly to contract/agreement. The paymaster’s fees will be dispersed same time fees are dispersed to all other parties in accordance to contract/ agreement outlines, not sooner or later.
Contact Ken Cook
Ken@allamericancenter.org
202-970- 3560
All American Center.AllAmericanCenter.Org