The Escrow Holdback Agreement is commonly used in Singapore for transactions requiring security and assured performance. This document is essential when parties need a trusted third party to hold funds or assets until certain conditions are met. It's particularly relevant in business acquisitions, real estate transactions, and complex commercial arrangements where there may be post-closing adjustments or warranty claims. The agreement, compliant with Singapore law, details the escrow mechanism, release conditions, agent's duties, and dispute reΊμΠΣΦ±²₯ procedures.
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1. Parties: Identification of all parties including depositor, beneficiary, 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 appointment and agent's acceptance
5. Escrow Funds: Description of funds/assets to be held in escrow
6. Release Conditions: Specific conditions for releasing the escrow funds
7. Escrow Agent's Duties: Rights, obligations, and responsibilities of the escrow agent
8. Term and Termination: Duration of the agreement and termination provisions
9. Fees and Expenses: Escrow agent's compensation and reimbursement terms
10. Liability and Indemnification: Limitations of liability and indemnification provisions
11. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Investment of Escrow Funds: Terms for investing held funds during the escrow period
2. Cross-Border Provisions: Additional terms for international transactions and compliance requirements
3. Dispute ReΊμΠΣΦ±²₯: Specific procedures for resolving disputes, including mediation and arbitration provisions
4. Force Majeure: Provisions for unforeseen circumstances affecting performance of obligations
5. Anti-Money Laundering Compliance: Specific provisions regarding AML compliance and reporting requirements
1. Schedule 1 - Release Instructions: Detailed instructions and procedures for releasing escrow funds
2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent's fees and payment terms
3. Schedule 3 - Form of Release Notice: Template for requesting release of funds from escrow
4. Appendix A - KYC Documentation Requirements: List of required identification and verification documents
5. Appendix B - Investment Guidelines: Guidelines for investment of escrow funds if applicable
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