The Escrow Account Agreement is a critical document used in transactions where funds need to be held securely by a neutral third party until specified conditions are met. This agreement type is particularly relevant in Switzerland, given the country's sophisticated banking sector and strong reputation for financial services. The document outlines the establishment of the escrow account, deposit procedures, release mechanisms, and the escrow agent's duties under Swiss law. It is commonly used in various commercial contexts, including M&A transactions, real estate deals, international trade, and complex commercial arrangements where parties seek the security of having funds held by a regulated Swiss financial institution. The agreement must comply with Swiss banking regulations, including the Federal Banking Act and anti-money laundering legislation, while providing clear mechanisms for fund management and release.
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1. Parties: Identification of all parties: Escrow Agent (typically a bank or licensed institution), Depositor, and Beneficiary
2. Background: Context of the escrow arrangement and the underlying transaction it supports
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 Account Establishment: Details of the escrow account setup, including account type and designation
6. Deposits: Procedures and requirements for depositing funds into the escrow account
7. Release Conditions: Specific conditions that must be met for the release of escrow funds
8. Release Mechanics: Procedures for releasing funds, including necessary documentation and timing
9. Escrow Agent's Duties: Detailed responsibilities and obligations of the escrow agent
10. Fees and Expenses: Escrow agent's compensation and allocation of costs
11. Liability and Indemnification: Limitations of escrow agent's liability and indemnification provisions
12. Term and Termination: Duration of the agreement and termination procedures
13. Notices: Communication procedures and contact details
14. Governing Law and Jurisdiction: Specification of Swiss law application and jurisdiction
15. Miscellaneous: Standard provisions including amendments, assignments, and severability
1. Investment of Funds: Terms for investing escrow funds, if permitted
2. Multiple Currency Provisions: Required for escrow accounts handling multiple currencies
3. Dispute Resolution: Detailed dispute resolution procedures, including potential mediation/arbitration
4. Anti-Money Laundering Compliance: Specific AML procedures when dealing with high-risk transactions or parties
5. Electronic Communications: Provisions for digital communications and electronic signatures
6. Force Majeure: Provisions for extraordinary events affecting agreement performance
7. Joint Instructions: Procedures for joint instructions when multiple depositors or beneficiaries are involved
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees and charges
2. Schedule 2 - Release Conditions and Required Documentation: Specific conditions and supporting documents required for fund release
3. Schedule 3 - Authorized Signatories: List of persons authorized to give instructions
4. Schedule 4 - Account Details: Banking details and account specifications
5. Schedule 5 - Forms and Notices: Standard forms for instructions, notices, and releases
6. Appendix A - KYC Requirements: Required know-your-customer documentation
7. Appendix B - Operating Procedures: Detailed operational procedures for account management
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