The word you are looking for is escrow. Banks provide escrow services, and are used by businesses. Depending on the industry, for larger transactions escrow is mandatory. I'm not sure if banks provide escrow services for our use case. There should be someone already doing something similar. If not, well, you have a startup idea.

yes, wasn’t getting the word Escrow on my mind. And I think the ideation and its feasibility is more inclined towards a software engineering domain. That is where the core solution lies except the business side of it. What do you think ?

I don't know, you should talk to a business person rather than a techie about this.