The Earnest Money Escrow Agreement is essential for transactions in Singapore where parties need a secure mechanism to demonstrate commitment and manage risk. This document is commonly used in property transactions, business acquisitions, and major commercial deals where a significant deposit needs to be held by a neutral third party. It sets out the complete framework for the escrow arrangement, including deposit handling, release conditions, and dispute reΊμΠΣΦ±²₯ procedures, while ensuring compliance with Singapore's regulatory requirements and trust laws.
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1. Parties: Identification of buyer, seller, and escrow agent
2. Background: Context of the transaction and purpose of the escrow arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment of Escrow Agent: Terms of escrow agent appointment and authority
5. Deposit of Earnest Money: Amount, timing, and method of earnest money deposit
6. Release Conditions: Conditions for releasing the earnest money
7. Escrow Agent's Duties: Responsibilities and obligations of the escrow agent
8. Termination: Conditions and process for terminating the agreement
1. Interest Earnings: Terms for handling any interest earned on the escrow funds when escrow period is lengthy or involves substantial sums
2. Dispute ReΊμΠΣΦ±²₯: Specific procedures for resolving disputes when parties want detailed dispute reΊμΠΣΦ±²₯ procedures
3. Electronic Communications: Provisions for electronic notifications and instructions when parties agree to use electronic communications
1. Schedule 1 - Form of Release Notice: Template for requesting release of funds
2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent fees
3. Schedule 3 - Bank Account Details: Escrow account information and payment instructions
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