The Escrow Account Agreement is essential for transactions requiring secure third-party fund management under Indonesian law. It is commonly used in various business contexts including real estate transactions, merger and acquisition deals, and international trade arrangements where parties seek to mitigate transaction risks. The agreement establishes a secure mechanism for holding and disbursing funds based on predetermined conditions, ensuring compliance with Indonesian banking regulations and financial services laws. This document type is particularly crucial in the Indonesian business environment where formal escrow arrangements provide necessary security for high-value transactions and cross-border deals. The agreement includes comprehensive provisions for account operation, fund management, release mechanisms, and the rights and obligations of all parties involved, while ensuring compliance with local Know Your Customer (KYC) and anti-money laundering requirements.
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1. Parties: Identifies all parties to the agreement: the depositor, the beneficiary, and the escrow agent (bank)
2. Background: Sets out the context of the agreement and the intention to establish an escrow arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment of Escrow Agent: Formal appointment of the bank as escrow agent and acceptance of the appointment
5. Escrow Account Establishment: Details of the escrow account setup, account number, and initial deposit requirements
6. Deposit of Funds: Procedures and requirements for depositing funds into the escrow account
7. Release Conditions: Specific conditions that must be met for the release of funds from the escrow account
8. Release Procedures: Step-by-step procedures for requesting and executing the release of funds
9. Escrow Agent's Duties: Detailed responsibilities and obligations of the escrow agent
10. Fees and Expenses: Escrow agent's fees and allocation of costs related to the escrow arrangement
11. Representations and Warranties: Standard representations and warranties from all parties
12. Liability and Indemnification: Limitations of liability and indemnification provisions for the escrow agent
13. Term and Termination: Duration of the agreement and circumstances for termination
14. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
15. Notices: Procedures for sending formal notices between parties
16. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Investment of Funds: Optional provisions for the investment of escrow funds, if permitted and agreed upon
2. Dispute Resolution: Detailed dispute resolution procedures, including potential mediation or arbitration provisions
3. Force Majeure: Provisions dealing with unforeseen circumstances affecting the agreement
4. Confidentiality: Specific confidentiality obligations beyond standard banking secrecy requirements
5. Anti-Money Laundering Compliance: Detailed AML procedures if required beyond standard banking requirements
6. Electronic Communications: Provisions for electronic instructions and communications if permitted
7. Multiple Currency Provisions: Special provisions for handling multiple currencies if applicable
1. Schedule 1 - Account Details: Specific details of the escrow account including account number and bank branch information
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees and charges applicable to the escrow arrangement
3. Schedule 3 - Release Conditions Checklist: Detailed checklist of all documents and conditions required for fund release
4. Schedule 4 - Authorized Signatories: List of authorized signatories for each party with specimen signatures
5. Schedule 5 - Form of Release Notice: Template for the release notice to be used when requesting fund disbursement
6. Appendix A - KYC Requirements: List of required Know Your Customer documents for all parties
7. Appendix B - Operating Procedures: Detailed day-to-day operating procedures for the escrow arrangement
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