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Escrow Account Agreement

Escrow Account Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Escrow Account Agreement

"I need an Escrow Account Agreement for a real estate transaction in Hong Kong, where the escrow agent will hold HKD 25 million until the property completion date of March 15, 2025, with standard release conditions upon completion of due diligence."

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Document background
The Escrow Account Agreement is essential for transactions where parties need a trusted third party to hold and manage assets or funds until certain conditions are satisfied. This document is particularly relevant in Hong Kong's dynamic business environment, where it's commonly used in real estate transactions, mergers and acquisitions, international trade, and other complex commercial arrangements. The agreement must comply with Hong Kong's Banking Ordinance, Anti-Money Laundering regulations, and other relevant financial services legislation. It typically includes detailed provisions for account establishment, fund management, release conditions, fees, and the escrow agent's duties and liabilities. The document is crucial for risk mitigation and providing security to all parties involved in significant financial transactions.
Suggested Sections

1. Parties: Identifies the escrow agent, depositor(s), and beneficiary(ies)

2. Background: Sets out the context and purpose of the escrow arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment of Escrow Agent: Formally establishes the escrow agent's appointment and acceptance

5. Escrow Account Establishment: Details of the escrow account setup and maintenance requirements

6. Deposits and Custody: Rules and procedures for depositing funds or assets into the escrow account

7. Release and Disbursement: Conditions and procedures for releasing escrow funds or assets

8. Escrow Agent's Duties: Detailed responsibilities and obligations of the escrow agent

9. Fees and Expenses: Escrow agent's compensation and expense reimbursement terms

10. Liability and Indemnification: Limits on escrow agent's liability and indemnification provisions

11. Term and Termination: Duration of the agreement and termination procedures

12. Notices: Communication procedures and contact details

13. General Provisions: Standard boilerplate clauses including governing law, amendments, etc.

Optional Sections

1. Investment of Funds: Include when the escrow agent is authorized to invest idle funds

2. Foreign Currency Provisions: Required for escrow arrangements involving multiple currencies

3. Digital Asset Provisions: Include when the escrow involves cryptocurrencies or other digital assets

4. Dispute Resolution: Detailed dispute resolution procedures, particularly important for international arrangements

5. Tax Provisions: Special tax considerations and responsibilities, particularly for cross-border transactions

6. Force Majeure: Include when specific events beyond parties' control need to be addressed

7. Anti-Money Laundering Compliance: Detailed AML procedures when handling high-risk transactions or parties

Suggested Schedules

1. Schedule 1 - Account Details: Specific details of the escrow account(s) including account numbers and bank information

2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms

3. Schedule 3 - Release Instructions: Forms and procedures for requesting and authorizing releases from escrow

4. Schedule 4 - Authorized Signatories: List of persons authorized to give instructions regarding the escrow account

5. Schedule 5 - KYC Requirements: Required documentation and procedures for customer due diligence

6. Appendix A - Release Request Form: Standard form for requesting release of escrow funds

7. Appendix B - Investment Guidelines: If applicable, permitted investments and investment procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions











































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Relevant Industries

Banking and Financial Services

Real Estate

Mergers and Acquisitions

International Trade

Construction

Technology and Software

Private Equity

Legal Services

Investment Banking

Insurance

Relevant Teams

Legal

Finance

Compliance

Treasury

Risk Management

Corporate Secretarial

Operations

Transaction Services

Client Relations

Banking Operations

Relevant Roles

Chief Financial Officer

Legal Counsel

Compliance Officer

Treasury Manager

Financial Controller

Risk Manager

Corporate Secretary

Transaction Manager

Escrow Officer

Banking Relationship Manager

Senior Legal Associate

Finance Director

Company Director

Chief Operating Officer

Account Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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