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Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.
More Details
An escrow fund is a financial arrangement where a third party holds and regulates the payment of funds required for two parties involved in a given transaction. The funds, or the item being exchanged, are held by the escrow agent until all of the terms of the agreement are met.
Example
You are making a large online purchase, and you notice that your payment first goes in an escrow fund, which provides extra security for both until the item is received and confirmed to be as described.
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