This template if for an escrow agreement between two parties to a contract and an escrow agent
The Escrow Agreement template presents terms and conditions for the secure deposit of funds by Party A in an interest-bearing account, managed by the Escrow Agent, to ensure payment to Party B under a specified contract. The document covers key aspects such as definitions of terms, instructions for the Escrow Agent, duration of the Escrow Account, operation details, release of funds in case of default, maintenance of the Escrow Account Balance, indemnity clauses, dispute resolution procedures, notice requirements, and governing law. Parties involved are required to act in accordance with the Agreement until specific contract-related events occur. This template aims to establish a clear framework for the operation and closure of the Escrow Account while safeguarding the interests of all parties involved.
It is important to note that this document is a template and should be customised to fit the specific needs and circumstances of the parties- for more information please read our Templates Guide.
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Note: This publication does not necessarily deal with every important topic, nor cover every aspect of the topics with which it deals. Templates do not include or provide legal or other advice to users. They are designed to provide a head-start to the development of a commercial agreement and are not the finished article. They require careful reading, analysis and customisation in order to meet the particular needs of the parties to the document.
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