The Escrow Account Agreement is essential for transactions requiring secure third-party holding of funds or assets in Singapore. This document is commonly used in high-value transactions where parties seek additional security and trust in the transaction process. The agreement must comply with Singapore's regulatory framework, including MAS guidelines and the Trust Companies Act. It typically includes detailed provisions for account management, release conditions, fees, and dispute resolution mechanisms. The Escrow Account Agreement is particularly crucial in complex commercial transactions where timing of payments and specific conditions must be met before funds are released.
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Key Requirements PROMPT example:
Escrow Account Agreement
"Need an Escrow Account Agreement for a real estate transaction in Singapore, where the buyer will deposit SGD 5 million by March 2025, to be released to the seller upon completion of property renovation milestones."
1. Parties: Identifies all parties to the agreement including escrow agent, depositor, and beneficiary
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: Terms of appointment and scope of escrow agent's duties
5. Escrow Account: Details of the escrow account establishment and management
6. Deposit and Release Conditions: Conditions for depositing and releasing escrow funds
7. Fees and Expenses: Escrow agent's compensation and expense reimbursement
8. Term and Termination: Duration of agreement and termination provisions
1. Investment of Funds: Terms for investing escrow funds when parties agree to allow investment of escrow funds
2. Foreign Currency Provisions: Rules for handling multiple currencies when escrow involves multiple currencies
3. Digital Asset Provisions: Special provisions for when escrow involves cryptocurrencies or digital assets
1. Schedule 1: Fee Schedule: Detailed breakdown of escrow agent fees
2. Schedule 2: Release Instructions: Specific instructions for releasing escrow funds
3. Schedule 3: Authorized Signatories: List of authorized persons who can give instructions
4. Appendix A: KYC Requirements: Required documentation for identity verification
5. Appendix B: Notice Forms: Template forms for various notices under the agreement
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