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Escrow Account Agreement

Escrow Account Agreement Template for Singapore

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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."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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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Industries

Trust Companies Act (Cap. 336): Primary legislation governing trust companies and escrow agents in Singapore, establishing licensing and operational requirements

Banking Act (Cap. 19): Regulates banking institutions that may act as escrow agents and their permitted activities

Securities and Futures Act (Cap. 289): Relevant when escrow arrangements involve securities or investment products

Financial Advisers Act (Cap. 110): Applicable when escrow services are provided in connection with financial advisory services

MAS AML/CFT Regulations: Monetary Authority of Singapore regulations on Anti-Money Laundering and Countering the Financing of Terrorism requirements for financial institutions

CDSA: Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act - Provides framework for preventing money laundering through escrow accounts

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in escrow arrangements

Contract Law (Amendment) Act: Provides the basic legal framework for contract formation and enforcement in Singapore

Electronic Transactions Act: Relevant for electronic contracts and digital signatures in escrow agreements

MAS Guidelines on Escrow Requirements: Specific guidelines for holders of Stored Value Facilities regarding escrow account management

MAS Notice PSN02: Detailed requirements for Prevention of Money Laundering and Countering the Financing of Terrorism in payment services

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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