The Escrow Disbursement Agreement is essential when parties need a secure third-party mechanism to hold and disburse funds based on specific conditions. This document, subject to U.S. federal and state regulations, outlines the complete framework for managing escrow funds, including deposit requirements, release conditions, and the escrow agent's duties. It's commonly used in real estate transactions, corporate deals, and construction projects where funds need to be held securely until certain conditions are met. The agreement ensures compliance with relevant banking regulations and provides clear guidelines for all parties involved.
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1. Parties: Identifies all parties to the agreement including the escrow agent, depositor, and beneficiary
2. Background/Recitals: Explains 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's role
5. Deposit of Funds: Details of the escrow deposit and funding mechanisms
6. Disbursement Instructions: Specific conditions and procedures for releasing funds
7. Escrow Agent's Duties: Rights, responsibilities, and limitations of the escrow agent
8. Fees and Expenses: Compensation structure for the escrow agent and allocation of costs
9. Term and Termination: Duration of the agreement and termination provisions
1. Investment Instructions: Guidelines for investing escrow funds when funds will be held long-term and may be invested
2. Tax Provisions: Treatment of interest and tax reporting obligations when interest will be earned on the escrow funds
3. Dispute Resolution: Procedures for resolving conflicts between parties when specific dispute resolution procedures are needed
4. Force Majeure: Provisions for unforeseen circumstances when extended holding periods are anticipated
1. Schedule A - Wire Transfer Instructions: Detailed banking information for fund transfers
2. Schedule B - Fee Schedule: Detailed breakdown of escrow agent fees and charges
3. Schedule C - Authorized Signatories: List of persons authorized to give instructions
4. Schedule D - Form of Disbursement Request: Template for requesting disbursements from escrow
5. Schedule E - Investment Guidelines: Detailed investment parameters if applicable
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