The Tripartite Agreement For Escrow Account is essential when parties need a secure third-party arrangement for holding and disbursing funds or assets. This document is commonly used in various transactions where trust and security are paramount, such as real estate deals, corporate mergers, or international trade. Under U.S. jurisdiction, it provides a legally robust framework that defines the roles, rights, and obligations of all parties while ensuring compliance with federal and state banking regulations, anti-money laundering laws, and other relevant legislation. The agreement typically includes specific release conditions, investment provisions, and dispute resolution mechanisms.
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1. Parties: Identifies all three parties: depositor, beneficiary, and escrow agent
2. Background/Recitals: States the purpose of the escrow arrangement and the relationship between parties
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. Escrow Account Establishment: Details of account setup, initial deposit, and account management
6. Duties of Escrow Agent: Specific responsibilities and obligations of the escrow agent
7. Release Conditions: Conditions under which funds can be released from escrow
8. Fees and Expenses: Escrow agent's compensation and expense reimbursement terms
9. Term and Termination: Duration of agreement and circumstances for termination
10. Governing Law: Applicable law and jurisdiction
1. Investment Provisions: Terms for investing escrow funds when parties agree to invest idle funds
2. Tax Provisions: Treatment of interest and tax reporting requirements when interest-bearing accounts are used
3. Force Majeure: Provisions for unforeseen circumstances when additional protection for escrow agent is needed
4. Electronic Communications: Procedures for electronic instructions and notices when parties agree to use electronic communications
1. Schedule A - Fee Schedule: Detailed breakdown of escrow agent fees and charges
2. Schedule B - Authorized Signatories: List of persons authorized to give instructions
3. Schedule C - Release Instructions: Specific forms and procedures for requesting fund releases
4. Schedule D - Investment Guidelines: Permitted investments and investment parameters if applicable
5. Appendix 1 - Form of Release Notice: Template for requesting fund releases
6. Appendix 2 - KYC Requirements: Required documentation for compliance purposes
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