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Escrow Agreement To Hold Funds

Escrow Agreement To Hold Funds Template for Malaysia

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Key Requirements PROMPT example:

Escrow Agreement To Hold Funds

"I need an Escrow Agreement to Hold Funds for a property development project in Kuala Lumpur, where the escrow agent will hold RM 5 million until construction completion, expected in March 2025, with monthly progress payment releases based on architect certificates."

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Document background
An Escrow Agreement To Hold Funds is essential in transactions where parties seek financial security and certainty of payment. This document, governed by Malaysian law, is commonly used in various business contexts including real estate transactions, corporate acquisitions, construction projects, and international trade deals. The agreement details the appointment of an escrow agent (typically a Malaysian financial institution), specifies the exact conditions for fund release, and outlines the rights and obligations of all parties. It must comply with Malaysian financial regulations, including the Financial Services Act 2013 and anti-money laundering legislation. The document is particularly crucial in high-value transactions or where parties require assurance that funds will only be released upon satisfaction of specific conditions, providing a secure mechanism for complex financial transactions in the Malaysian business environment.
Suggested Sections

1. Parties: Identifies all parties to the agreement including the depositor, beneficiary, and escrow agent

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: Formal appointment and acceptance of the escrow agent role

5. Deposit of Funds: Details of the funds to be deposited, including amount, timing, and method

6. Escrow Account: Specifications for the account where funds will be held

7. Release Conditions: Specific conditions that must be met for the release of funds

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

9. Fees and Expenses: Escrow agent's fees and allocation of costs

10. Liability and Indemnification: Limitations of escrow agent's liability and indemnification provisions

11. Disputes: Process for handling disputes between parties

12. Termination: Circumstances and process for terminating the agreement

13. General Provisions: Standard contractual provisions including notices, amendments, governing law

Optional Sections

1. Interest on Funds: Terms regarding any interest earned on the escrowed funds and its allocation

2. Multiple Release Conditions: Additional section when there are complex or multiple conditions for releasing funds

3. Reporting Requirements: Specific reporting obligations of the escrow agent to the parties

4. Anti-Money Laundering Compliance: Specific AML obligations and procedures when dealing with large sums or high-risk transactions

5. Force Majeure: Provisions for handling unforeseen circumstances that may affect the escrow arrangement

6. Electronic Communications: Procedures for electronic notifications and authorizations when parties agree to digital communications

Suggested Schedules

1. Schedule 1 - Release Instructions Form: Standard form for requesting release of funds

2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent's fees and charges

3. Schedule 3 - Authorized Signatories: List of persons authorized to give instructions regarding the escrow funds

4. Schedule 4 - KYC Requirements: Required documentation for compliance with Know Your Customer regulations

5. Schedule 5 - Release Conditions Details: Detailed description of all conditions that must be met for fund release

6. Appendix A - Wire Transfer Instructions: Standard instructions for transferring funds to and from the escrow account

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

























Clauses
























Relevant Industries

Banking and Financial Services

Real Estate

Corporate Mergers and Acquisitions

Construction

International Trade

Technology and Software

Manufacturing

Professional Services

Investment Services

Property Development

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretarial

Business Development

Project Management

Operations

Investment

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Director

Chief Financial Officer

Compliance Officer

Treasury Manager

Contract Manager

Transaction Manager

Risk Manager

Company Secretary

Business Development Manager

Project Manager

Real Estate Manager

Investment Manager

Escrow Officer

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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