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Escrow Release Agreement

Escrow Release Agreement Template for Singapore

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Key Requirements PROMPT example:

Escrow Release Agreement

"Need an Escrow Release Agreement under Singapore law for a property transaction worth SGD 5 million, with release conditions tied to property handover and completion of renovations by March 2025."

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Document background
The Escrow Release Agreement is utilized when parties need a secure mechanism for holding and releasing assets under Singapore law. This document is commonly used in various transactions where trust and security are paramount, such as property purchases, corporate acquisitions, or complex financial deals. The agreement details the specific conditions that must be met for release, the escrow agent's responsibilities, and the rights of all parties involved. It provides a legal framework that ensures compliance with Singapore's regulatory requirements while protecting the interests of all parties in the transaction.
Suggested Sections

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

2. Background: Context of the escrow arrangement and reference to the underlying transaction

3. Definitions: Key terms used throughout the agreement

4. Escrow Deposit: Details of the assets being held in escrow and deposit mechanics

5. Release Conditions: Specific conditions that must be met for the release of escrow assets

6. Escrow Agent's Duties: Rights, obligations, and standard of care of the escrow agent

7. Release Mechanism: Process and procedures for releasing the escrow assets

8. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Investment of Escrow Funds: Terms for investing escrow funds - used when escrow involves cash deposits that may be invested

2. Digital Asset Provisions: Specific provisions for digital or cryptocurrency assets - used when escrow involves digital assets

3. Multiple Release Conditions: Complex release mechanics for multiple conditions or parties - used when release requires multiple conditions or approvals

4. Force Majeure: Provisions for unforeseen circumstances - used when extended holding periods are contemplated

Suggested Schedules

1. Schedule of Assets: Detailed description of assets held in escrow

2. Release Notice Form: Template for requesting release of escrow assets

3. Fee Schedule: Escrow agent's fees and payment terms

4. Verification Documents: Forms or documents required to verify release conditions

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

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract and property law principles relevant to escrow arrangements

Trust Companies Act (Cap. 336): Regulates trust companies in Singapore, including those that may act as escrow agents, setting out licensing requirements and operational guidelines

Securities and Futures Act (Cap. 289): Relevant when the escrow arrangement involves financial securities, regulating the handling and custody of financial instruments

MAS Regulations: Monetary Authority of Singapore regulations governing financial institutions, trust companies, and licensed escrow agents

Trust Law Principles: Legal principles governing trust arrangements, as escrow is a form of trust relationship between parties

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements that must be considered in escrow arrangements

Singapore Contract Law Principles: Common law principles including offer, acceptance, consideration, intention to create legal relations, capacity, and certainty of terms

Electronic Transactions Act: Legislation governing electronic signatures and digital transactions, relevant for modern escrow agreements

Escrow Agent Regulations: Rules and regulations regarding escrow agent's duties, liabilities, release conditions, dispute resolution, and termination provisions

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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