Escrow Agreement
In the model, a bank acts as escrow agent, and the escrow account is in the name of both the depositor and the escrow beneficiary. Alternatively, the parties may appoint a third party as escrow agent and provide for the opening of a bank account in the name of the escrow agent.
ESCROW AGREEMENT
Article 1. Escrow Account
Article 2. Interest
Article 3. Obligations of the Escrow Agent
Article 4. Payment of the Escrow Amount
Article 5. Release of the Escrow Account
Article 6. Remuneration
Article 7. Entire Agreement
Article 8. Amendments
Article 9. Non-assignment
Article 10. Severability
Article 11. Force Majeure
Article 12. No Implied Waiver
Article 13. Notices
Article 14. Costs
Article 15. Interpretation
Article 16. Copies
Article 17. Governing law
Article 18. Dispute Resolution