Paymaster Services for Oil & Petroleum Transactions
Crude oil and refined product deals move large sums through long chains of sellers, mandates and brokers. We receive the funds into a client trust account and pay each party exactly as the signed agreements require.
Who we work with
Refinery and exporter mandates, buyers and their facilitators, and the brokers who connect them. Whether you are the party paying commissions or a broker who wants assurance that you will be paid, a neutral attorney paymaster gives everyone the same clear instructions.
How it works
- The parties sign the sale contract and a commission agreement naming each beneficiary and amount.
- The paying party signs a paymaster fee agreement with us.
- Every beneficiary provides identification, company records and tax forms.
- Funds are wired to our client trust account.
- We wire each beneficiary's share and keep a record of every payment.
Funds can be paid to domestic or foreign accounts. We receive U.S. dollars and can discuss other currencies before the deal is signed.
Why use an attorney
Client trust accounts are governed by the California Rules of Professional Conduct and overseen by the State Bar. Money must be kept separate from the firm's own funds and accounted for in detail. That oversight is why many buyers and sellers prefer an attorney to an informal escrow arrangement.
Learn more in our guide to how commission disbursement works.
Fees
Fees quoted per transaction. Please contact Bahram Madaen directly by phone or email for a price. Every fee is confirmed in a written fee agreement before any funds are received.
Documents to prepare
- Contract: a copy of the contract, agreement or written instructions for how the money is to be paid out.
- Paymaster fee agreement: we send this to you after our first conversation.
- Identification: a driver's license or passport for each individual involved.
- Company records: for each business, its formation documents and the names of its owners and authorized signers.
- Tax forms: IRS Form W-9 for U.S. citizens, residents and companies; IRS Form W-8BEN (or W-8BEN-E for entities) for everyone else.
- Bank details for every beneficiary, in the beneficiary's own legal name.
We receive and send funds by bank wire only. We do not accept cash, checks or money orders.
Talk to the attorney before you sign
Call or email Bahram Madaen directly for a price quote and to confirm a paymaster arrangement fits your deal.
Call (714) 782-7275 Email attorneymadaen@gmail.com Use the contact form