The Escrow Deposit Agreement is a crucial document used in Indonesian business transactions where secure third-party fund holding is required. It is commonly utilized in various scenarios including real estate purchases, corporate acquisitions, project financing, and international trade transactions. The agreement must comply with Indonesian banking regulations, particularly those set by Bank Indonesia and the Financial Services Authority (OJK). This document establishes the trilateral relationship between the depositor, beneficiary, and escrow agent, detailing the conditions for fund deposit and release, account management procedures, and regulatory compliance requirements. The agreement is especially important in the Indonesian context where secure payment mechanisms are essential for large transactions, and specific regulatory requirements must be met for financial services and anti-money laundering compliance.
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1. Parties: Identifies and provides details of the Depositor, Beneficiary, and Escrow Agent
2. Background: Explains the context and purpose of the escrow arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment of Escrow Agent: Formal appointment and acceptance of the escrow agent's role
5. Deposit of Funds: Details of the escrow amount, payment method, and timing
6. Escrow Account Management: Requirements for maintaining and managing the escrow account
7. Release Conditions: Specific conditions that must be met for the release of escrow funds
8. Release Mechanics: Procedures for requesting and executing the release of funds
9. Escrow Agent's Rights and Obligations: Detailed responsibilities and authorities of the escrow agent
10. Fees and Expenses: Escrow agent's fees and allocation of costs
11. Representations and Warranties: Standard representations by all parties
12. Liability and Indemnification: Limitations of liability and indemnification provisions
13. Term and Termination: Duration of the agreement and termination provisions
14. Governing Law and Dispute Resolution: Choice of law and dispute resolution procedures
15. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Anti-Money Laundering Compliance: Required when dealing with large sums or international transfers, detailing AML compliance requirements
2. Electronic Communications: Include when parties agree to use electronic means for notifications and documents
3. Multiple Deposits: Required when the arrangement involves multiple deposit transactions
4. Interest Earnings: Include when parties agree to earn and distribute interest on the escrow funds
5. Foreign Currency Provisions: Required when the escrow involves non-Indonesian Rupiah currencies
6. Sub-Agents: Include when the escrow agent may need to appoint sub-agents
7. Force Majeure: Optional clause for circumstances preventing performance
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees and charges
2. Schedule 2 - Release Instructions Form: Standard form for requesting release of funds
3. Schedule 3 - Authorized Signatories: List of authorized persons who can give instructions
4. Schedule 4 - KYC Requirements: Required documentation for Know Your Customer compliance
5. Schedule 5 - Account Details: Banking information for the escrow account and party accounts
6. Appendix A - Release Conditions Documentation: Forms and requirements for evidencing release conditions
7. Appendix B - Communication Protocols: Procedures for notices and communications between parties
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