The Escrow Agreement To Hold Documents is essential for transactions in the UAE where parties require secure third-party custody of important documents. This agreement type is commonly used in corporate transactions, real estate deals, international trade, and other commercial arrangements where documents need to be held safely until certain conditions are fulfilled. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and other relevant UAE regulations governing escrow arrangements and document custody. It provides a detailed framework for document deposit, storage, and release conditions, while clearly defining the escrow agent's duties and liabilities under UAE law. This document is particularly relevant when parties need assurance that sensitive or valuable documents will be properly maintained and only released according to pre-agreed terms.
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1. Parties: Identification of the depositor(s), beneficiary(ies), and the escrow agent
2. Background: Context of the transaction and purpose of the escrow arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment of Escrow Agent: Formal appointment and acceptance of the escrow agent's role
5. Escrow Documents: Detailed description of documents to be held in escrow
6. Deposit of Documents: Process and requirements for depositing documents into escrow
7. Release Conditions: Specific conditions that must be met for the release of documents
8. Escrow Agent's Duties: Detailed responsibilities and obligations of the escrow agent
9. Fees and Expenses: Escrow agent's fees and allocation of costs
10. Liability and Indemnification: Limitations of escrow agent's liability and indemnification provisions
11. Term and Termination: Duration of the agreement and termination circumstances
12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
13. Notices: Communication procedures between parties
14. General Provisions: Standard boilerplate clauses including amendments, severability, and entire agreement
1. Electronic Documentation: Include when electronic documents are part of the escrow arrangement
2. Security Measures: Include when specific security requirements for document storage are needed
3. Force Majeure: Include when additional protection against unforeseen circumstances is required
4. Confidentiality: Include when documents contain sensitive information
5. Dispute Resolution: Include when specific arbitration or mediation procedures are desired
6. Replacement of Escrow Agent: Include when mechanism for changing escrow agent may be needed
7. Insurance: Include when insurance requirements for document storage are necessary
1. Schedule 1 - List of Escrow Documents: Detailed inventory of all documents held in escrow
2. Schedule 2 - Release Instructions: Specific procedures and requirements for document release
3. Schedule 3 - Fee Schedule: Detailed breakdown of escrow agent fees and charges
4. Schedule 4 - Contact Details: Complete contact information for all parties
5. Schedule 5 - Document Handling Procedures: Specific procedures for document handling and storage
6. Appendix A - Form of Release Notice: Template for requesting release of documents
7. Appendix B - Document Receipt Form: Template for acknowledging receipt of documents
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