Sail 2007
In place of using a bank, why not use Business Escrow Company, there are plenty of them out there that do transactions like this between the US and Canadian companies. With this, there would need to be a designated agent for the payee on both sides of the transaction and would require you and those that enter the race to establish a spending committee. Please note I commend what you are doing with trying to promote racing and get something going, but with all the scams out there people a very leery about send hard earned money off with not recourse.
Thanks great input here.
My Knowledge on Business Escrow Companies is very limited I admit here. My thoughts are that maybe this is common place in the United States. Do people trust a business escrow, over that of a Bank holding in trust, managing and administering under strict legal guidelines of use of these funds? In Canada its not all that common on escrows.
I am shying away from the whole escrow thing as I would like to stick with the knowledge I both know and trust, I have had in my past many courses on investment, as at one time this was my carrier, but honestly none of those courses or licences held had anything to do with escrows.
Also I have read that Mr. Worrell in his million dollar event, used this method, I am not sure what contributing problems he had with this, but one thing is certain people lost their money.
The funds as stated at my first thread here, are safe as the Bank itself handles the money, through contract following those exact guidelines above. I will upon my contact with the bank in drawing up those papers, ask the bank on the whole escrow thing, the laws in Canada could be different, or maybe this is the manner the bank will establish. I will post their response on it all.
