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Escrow Agent Agreement

Escrow Agent Agreement Template for Singapore

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Key Requirements PROMPT example:

Escrow Agent Agreement

"Need an Escrow Agent Agreement for a real estate transaction in Singapore, where the agent will hold SGD 5 million until property completion expected in March 2025, with standard release conditions and investment provisions for the funds during the holding period."

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Document background
The Escrow Agent Agreement is a crucial document for transactions requiring secure third-party asset management in Singapore. It's commonly used in high-value transactions, corporate deals, and property purchases where parties need assurance that assets will be properly managed and released only upon specific conditions. The agreement must comply with Singapore's Trust Companies Act, AML regulations, and MAS guidelines. It typically includes detailed provisions for asset handling, release mechanisms, fee structures, and dispute resolution, providing clarity and security for all parties involved.
Suggested Sections

1. Parties: Identification of escrow agent, depositor, and beneficiary

2. Background: Context of the escrow arrangement and underlying transaction

3. Definitions: Key terms used throughout the agreement including references to relevant Singapore legislation

4. Appointment of Escrow Agent: Formal appointment and acceptance of role, including licensing requirements under Singapore law

5. Escrow Property: Description of assets/funds held in escrow and handling requirements

6. Duties of Escrow Agent: Core responsibilities and obligations under Singapore law, including fiduciary duties

7. Release Conditions: Conditions for releasing escrow property and execution procedures

8. Fees and Expenses: Compensation and cost recovery structure

9. Term and Termination: Duration and termination provisions of the agreement

Optional Sections

1. Investment Instructions: Guidelines for investing escrow funds when agreement involves substantial long-term deposits

2. Digital Asset Provisions: Specific provisions for handling digital assets or cryptocurrencies in escrow

3. Multi-Party Release Mechanisms: Complex release conditions involving multiple parties for complicated transactions

4. Data Protection Provisions: Specific provisions addressing PDPA compliance requirements

Suggested Schedules

1. Schedule 1: Escrow Property Details: Detailed description and inventory of assets/funds held in escrow

2. Schedule 2: Fee Schedule: Detailed breakdown of fees, charges, and payment terms

3. Schedule 3: Release Instructions: Specific procedures and requirements for release of escrow property

4. Appendix A: Form of Release Notice: Standard template for requesting release of escrow property

5. Appendix B: KYC Requirements: Required documentation for AML/CFT compliance under Singapore regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Trustees Act (Chapter 337): Primary legislation governing trustee duties, powers, and obligations in Singapore, relevant for escrow agents acting in a trustee capacity

Contract Law (Chapter 53B): Fundamental legislation governing contract formation, enforcement, and remedies in Singapore

Securities and Futures Act (Chapter 289): Regulatory framework for securities and futures markets, relevant if the escrow arrangement involves securities

Trust Companies Act (Chapter 336): Legislation governing the licensing and regulation of trust companies in Singapore, applicable if the escrow agent is a trust company

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting financial services and trust business operations

Trust Companies Regulations: Specific regulations governing the operation and compliance requirements for trust companies in Singapore

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements for financial transactions and trust services

Personal Data Protection Act 2012: Legislation governing the collection, use, disclosure, and care of personal data in Singapore

Electronic Transactions Act: Legal framework for electronic transactions and digital signatures in Singapore

Common Law Principles: Established legal principles including equity, trust, fiduciary duties, and contract enforcement from case law

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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