As a paymaster, the Law Offices of Daniel S. Wassmer serves as a fiduciary that is contractually obligated to
handle payments to third parties according to the instructions they have received from a principal. Typically
this agency's role deals with payments made in transactions involving commodities and involves multiple parties
that have an interest. Moreover, these transactions are typically premised upon the satisfactory completion of
certain precedent conditions between the parties.
While paymasters need not be attorneys, when dealing with contracts involving large sums of currency such as
commodities transactions (bulk metal transactions, financial instruments, food-stuffs, fungibles, gas, oil,
precious metals, etc.), most banks and/or their trust operations are not set up to handle these matters on a
short-term notification basis and often have very burdensome and time consuming procedures for establishing a
banking relationship particularly when handling “large currency transactions”. As most commodity buyers and
sellers know, placing their monies with a reliable and neutral third party for disbursement is a must. Based
upon the code/rules of professional ethics affecting attorneys, law firms naturally fill this role.
As a paymaster/agent for your transaction, the Law Offices of Daniel S. Wassmer will serve as a neutral third
party who is capable of disbursing your funds according to your instructions.
In return for this service we charge a fee¹, which is paid directly to our firm from the proceeds of the
disbursement, and which is normally disbursed at the same time that your transaction occurs from either: an
attorney's IOLTA/trust account, or a separate escrow account in accordance with the specific desires of the
Potential principals should be aware that all escrow accounts of either type are overseen by the applicable
State Bar(s) as a matter of security and safety for the parties involved.
Additionally, based upon the rules of ethics an attorney’s involvement assures you that your transaction will
be handled diligently and in a professional manner. Lastly, transactions undertaken within that scope are
undertaken in a confidential manner (except to the extent that legal requirements mandate regulatory compliance,
i.e.: tax and security compliance²). While we may be requested to verify that we are acting as paymaster on
a particular matter we are barred from ever disclosing the details of any “legal” payment transaction(s).
So that you are aware the fees typically charged by the Law Offices of Daniel S. Wassmer are one quarter of one
percent (0.25%) of the amount of the transaction, however in certain circumstances (after multiple transactions)
our fees can be negotiated.
Moreover, minimum fees and additional bank fees³ may apply in some situations.
All parties to the transaction will complete an Irrevocable Fee Payment Agreement
(IFPA). This document outlines the exact amount of money each party will receive and how the funds will
be disbursed to each person.
² Includes: the US Patriot Act and other Laws dealing with Terrorism and money laundering.
³ Bank fees may be additional and are charged to the individual payee and include such things as the actual wire charges.
Foreign Business Establishment/Services:
Finally, we would note that we have additional resources including a referral network for business dealings both
within the United States and abroad.
As a result, we have established relationships with a number of international law firms and international
financial institutions that can assist you with foreign/offshore investment opportunities and foreign wealth
These services includes coordinating the creation of offshore corporations according to the laws of host nations,
setting up foreign trusts, opening offshore bank accounts, and general investment counseling. Additional fees are
charges for coordinating these services for you and assisting the legal representative within the host nation with
obtaining the necessary information to assist you. Notwithstanding the foregoing our assistance is only charged
for services we render domestically. All services contracted internationally shall be borne directly by the clients.
Services & Forms