CPC provides Escrow monitoring services to financial institutions and funding agencies such as Real Estate Regulatory bodies in Dubai, United Arab Emirates.
Escrow account is generally set up under the agreements between the financial institutions and the entities availing funding under which project owners/developers, etc. are required to set up account and hold certain predetermined amount from which the developers/Contractors, etc. are allowed to draw funds proportionate to the actual work done, progress achieved and after accounting for the hold back for the retention, advance payments, material delivered to the site but not installed, etc. The earned value or entitlement is determined by the certified bodies professional organizations such as Quantity Surveyors, Engineers, and the like.CPC reviews the project funding mechanism to ensure that funding is monitored against value of work in place on a regular basis and provides recommendations to the funding agencies for releasing the payments to ensure that there is always sufficient funds available through the Escrow Account mechanism to complete the remaining work until handover of the project.