The Earnest Money Escrow Agreement is essential for transactions in Singapore where parties need a secure mechanism to demonstrate commitment and manage risk. This document is commonly used in property transactions, business acquisitions, and major commercial deals where a significant deposit needs to be held by a neutral third party. It sets out the complete framework for the escrow arrangement, including deposit handling, release conditions, and dispute resolution procedures, while ensuring compliance with Singapore's regulatory requirements and trust laws.
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Key Requirements PROMPT example:
Earnest Money Escrow Agreement
"Need an Earnest Money Escrow Agreement for a commercial property purchase in Singapore, with a deposit of SGD 2 million to be held until March 2025, including specific provisions for electronic fund transfers and dispute resolution in Singapore courts."
1. Parties: Identification of buyer, seller, and escrow agent
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: Terms of escrow agent appointment and authority
5. Deposit of Earnest Money: Amount, timing, and method of earnest money deposit
6. Release Conditions: Conditions for releasing the earnest money
7. Escrow Agent's Duties: Responsibilities and obligations of the escrow agent
8. Termination: Conditions and process for terminating the agreement
1. Interest Earnings: Terms for handling any interest earned on the escrow funds when escrow period is lengthy or involves substantial sums
2. Dispute Resolution: Specific procedures for resolving disputes when parties want detailed dispute resolution procedures
3. Electronic Communications: Provisions for electronic notifications and instructions when parties agree to use electronic communications
1. Schedule 1 - Form of Release Notice: Template for requesting release of funds
2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent fees
3. Schedule 3 - Bank Account Details: Escrow account information and payment instructions
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