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.
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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."
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
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
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
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