What is Escrow Agreement Format?

What is Included in the Escrow Account Agreement Format India?

• Identification of the parties: The company (or individual) and the escrow bank.
• Description of their roles and responsibilities.

Purpose: Specify the purpose of the escrow account (e.g., compliance with RBI guidelines, holding funds for a specific transaction).

Definitions: Clearly define terms used in the agreement (e.g., “Applicable Law,” “Agreement”).

Escrow Account Details:

• Mention the bank where the escrow account will be maintained.
• Explain the purpose of the account (e.g., collecting payments, safeguarding funds).

Dispute Resolution: Outline procedures for resolving disputes related to the escrow account.

Liabilities and Obligations:

• Specify the responsibilities of the escrow bank.
• Address any fees or charges associated with the account.

Remember that specific agreements may vary based on the context and purpose of the escrow. I hope this helps!

How Do You Set Up an Escrow Account?