Baltic Air Charter Association Launches Charter Escrows

The Baltic Air Charter Association (BACA) launched an escrow facility to provide a secure deposit for funds being paid in advance by customers for air charters worldwide. “Clients may be asked to pay a substantial deposit to secure a charter flight but there is little protection if one of the other parties–the broker, the agent or the aircraft operator–goes out of business before the flight takes place,” said BACA chairman Dick Gilbert. “The escrow account allows BACA brokers to offer their clients safeguarded advance payments for charter flights or programs.”