Travel supplier payments protection can give you the comfort a supply chain might need to commit to high value contracts for travel arrangements to be supplied in the future.Because we understand travel, we can set up arrangements in different ways, to suit different requirements.
Serenity’s supplier payments protection trust and escrow arrangements will protect both the supplier and the purchaser. They provide:-
protection for the purchaser against the risk that the supplier fails financially and is unable to provide the contracted arrangements after having been paid;
protection for the supplier against the risk that the purchaser cancels the contract, owing the supplier cancellation charges.
They work like this:-
Serenity will draft a bespoke escrow or trust agreement to align with the terms of a travel services supplier contract (or series of contracts);
Funds payable under the supplier contract will be held in a separate designated client account;
Serenity will verify receipt of and hold funds in line with the terms set out in the escrow or trust agreement and the supplier contract;
Either party may request a payment out of the account but the discretion to release funds sits with Serenity in line with the agreements in place;
Serenity will have sole authorisation rights over the payments leaving account.
Our supplier payments protection trust and escrow services can:-
Cover multiple suppliers;
Cover single arrangements involving just one supplier;
Pay overseas suppliers directly from the escrow account;
Release funds in a wide range of tailored, specified circumstances. For example, where the supplier or travel agent is insolvent; where customers have travelled, or a booking has been cancelled;
Make payments in any currency.
We can build arrangements to safeguard supply chain payments to any specifications. Contact us to discuss options.