Please guide me what should 'A' has to do in the following situation:
'A' wants to get the services of 'B' as per the service agreement of B's company. But as per the service agreement 'A' has to pay 10% advance of the total amount to 'B'.
But 'A' is not agree to pay any advance so 'B' suggest him they can open joint Bank account & 'A' has to deposit initial payment in this account and nobody can withdraw money from this account in between the processing time (60 days but not exceeding 90 days) as per the agreement untill the specified work is finished .
So here I want to get your advice my queries are as follows:
1. Do you think 'A' has to open joint account or not? it is secure or not?
2. if yes then what precautions 'A' has to take for opening that Joint Bank account?
3. Please note as per the service agreement the processing time to do the specified work is 60 days not exceeding 90 days. Do you think 'A' has to mention the time period when opening that bank account and
4. Do you think 'A' has to provide that Service agreement to the bank for opening that joint Bank Account.
5. DO you think 'A' has to clear and mentioned in the agreement if the specified work is not fifnished in the said processing time then 'A' will be free to withdraw his money from this joint Bank Account.
