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Escrow Deposit Agreement

Escrow Deposit Agreement Template for Singapore

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Key Requirements PROMPT example:

Escrow Deposit Agreement

"Need an Escrow Deposit Agreement for a Singapore property purchase, where SGD 2.5M will be held in escrow until January 2025, with specific release conditions tied to property completion and regulatory approvals."

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Document background
The Escrow Deposit Agreement is essential for transactions requiring secure third-party asset holding in Singapore. This document type 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 requirements and the Trust Companies Act. It typically includes detailed provisions for asset handling, release conditions, agent duties, fees, and compliance requirements. This contract type is particularly relevant for real estate transactions, corporate deals, and international trade, where secure handling of funds or assets is crucial for transaction completion.
Suggested Sections

1. Parties: Identification of depositor, escrow agent, and beneficiary

2. Background: Context and purpose of the escrow arrangement

3. Definitions: Key terms used throughout the agreement

4. Appointment of Escrow Agent: Terms of appointment and acceptance

5. Deposit of Escrow Funds: Details of what is being held in escrow

6. Release Conditions: Conditions for releasing the escrow funds

7. Escrow Agent's Duties: Responsibilities and obligations of the escrow agent

8. Fees and Expenses: Payment terms for escrow services

9. Term and Termination: Duration and termination provisions

Optional Sections

1. Investment of Escrow Funds: Terms for investing escrow funds, applicable when escrow funds may be invested during the escrow period

2. Foreign Currency Provisions: Handling of foreign currency transactions, applicable when escrow involves multiple currencies

3. Digital Asset Provisions: Special terms for digital assets, applicable when escrow involves cryptocurrencies or digital assets

4. Dispute Resolution: Specific dispute resolution procedures, applicable when parties want to specify alternative dispute resolution methods

Suggested Schedules

1. Schedule 1 - Escrow Account Details: Banking information and account details

2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent fees

3. Schedule 3 - Release Instructions: Detailed procedures for releasing escrow funds

4. Appendix A - Form of Release Notice: Template for requesting release of funds

5. Appendix B - KYC Requirements: Required documentation for compliance purposes

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
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Industries

Contract Law (Chapter 53A): Primary legislation governing contract formation, validity, and enforcement in Singapore

Trust Companies Act (Chapter 336): Regulates trust companies and trust business services in Singapore, including escrow arrangements

Securities and Futures Act (Chapter 289): Governs securities, futures, and financial transactions, relevant if escrow involves financial instruments

Money-changing and Remittance Businesses Act: Applicable when escrow arrangements involve currency transactions or remittance services

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore for financial services and trust businesses

MAS Notice TCA-N03: Specific guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for trust companies

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

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures if used in the escrow agreement

Housing Developers Rules: Specific regulations applicable if the escrow involves real estate transactions

Common Law Principles - Trustee Duties: Legal principles governing trustee obligations and fiduciary responsibilities in escrow relationships

Cross-border Transaction Regulations: International regulations and requirements for escrow arrangements involving multiple jurisdictions

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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