The Escrow Agreement for Sale of Goods is essential in transactions where parties seek additional security and risk mitigation. This document type is particularly valuable for high-value transactions, international trade, or situations where parties don't have established business relationships. The agreement, governed by U.S. state and federal laws, details the conditions for release of funds or goods, the escrow agent's duties, and the rights and obligations of all parties. It provides a structured framework for secure commercial transactions while ensuring compliance with relevant banking and commercial regulations.
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1. Parties: Identification of buyer, seller, and escrow agent with full legal names and addresses
2. Background: Context of the transaction and purpose of the escrow arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment of Escrow Agent: Formal appointment and acceptance of the escrow agent's role
5. Escrow Deposit: Details of funds/items to be held in escrow
6. Release Conditions: Specific conditions that must be met for release of escrow
7. Duties of Escrow Agent: Rights and responsibilities of the escrow agent
8. Fees and Expenses: Escrow agent compensation and expense allocation
9. Term and Termination: Duration of agreement and termination procedures
1. Dispute Resolution: Arbitration or mediation procedures for resolving conflicts between parties
2. Insurance Requirements: Insurance obligations of parties when valuable goods are involved
3. Force Majeure: Provisions for unforeseen circumstances affecting the escrow arrangement
1. Schedule A - Description of Goods: Detailed inventory of goods subject to escrow
2. Schedule B - Escrow Release Instructions: Step-by-step procedures for releasing escrow
3. Schedule C - Fee Schedule: Detailed breakdown of escrow agent fees
4. Appendix 1 - Required Documentation: List of documents required for escrow release
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