The Escrow Purchase Agreement is a crucial document used in significant financial transactions where parties seek additional security and risk mitigation. This agreement type is commonly employed in India for high-value purchases, mergers and acquisitions, real estate transactions, and other situations where simultaneous exchange of payment and deliverables is critical. The document establishes a three-way relationship between buyer, seller, and an escrow agent (typically a bank or financial institution), governed by Indian law including the Indian Contract Act, 1872, and Banking Regulation Act, 1949. It details the mechanism for holding and releasing funds, conditions precedent, verification procedures, and the roles and responsibilities of all parties. The agreement is particularly important in the Indian context where regulatory compliance and structured transaction processes are essential for legal enforceability.
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1. Parties: Identification of all parties: Buyer, Seller, and Escrow Agent with their complete details
2. Background: Context of the transaction and purpose of the escrow arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment of Escrow Agent: Terms of appointment and acceptance by the escrow agent
5. Escrow Amount: Details of the purchase price and any other amounts to be held in escrow
6. Escrow Account: Specifications of the escrow account and its management
7. Deposit and Release Conditions: Conditions for depositing and releasing the escrow funds
8. Duties and Rights of Escrow Agent: Detailed responsibilities and authorities of the escrow agent
9. Representations and Warranties: Statements of fact and assurances from all parties
10. Fees and Expenses: Escrow agent's fees and allocation of transaction expenses
11. Indemnification: Protection and indemnification of the escrow agent
12. Term and Termination: Duration of the agreement and termination provisions
13. Notices: Communication procedures between parties
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
15. Miscellaneous: Standard boilerplate provisions including amendments, severability, etc.
1. Digital Transaction Provisions: Specific provisions for digital/electronic transfers and communications, necessary when transactions are primarily conducted electronically
2. Multi-Currency Provisions: Additional terms for handling multiple currencies, required for international transactions
3. Dispute Resolution: Detailed arbitration or mediation procedures, recommended for high-value transactions
4. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in long-term or complex transactions
5. Anti-Money Laundering Compliance: Specific provisions for AML compliance, necessary for high-value transactions or when required by regulations
6. Confidentiality: Detailed confidentiality provisions, important when sensitive information is involved
7. Step-In Rights: Rights of parties to step in under specific circumstances, useful in complex transactions
1. Schedule 1 - Purchase Price Details: Detailed breakdown of the purchase price and payment schedule
2. Schedule 2 - Escrow Account Details: Complete banking details and account specifications
3. Schedule 3 - Release Conditions: Detailed conditions and documentation required for release of funds
4. Schedule 4 - Fee Schedule: Detailed breakdown of all fees and expenses
5. Schedule 5 - Required Documents: List of all documents required for completion
6. Appendix A - Form of Release Notice: Template for release instruction to escrow agent
7. Appendix B - Authorized Signatories: List of authorized signatories for each party
8. Appendix C - KYC Requirements: Details of required KYC documentation for all parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Information Technology
Manufacturing
Financial Services
Mergers and Acquisitions
Infrastructure
Energy
Telecommunications
E-commerce
Healthcare
Relevant Teams
Legal
Finance
Compliance
Risk Management
Corporate Affairs
Business Development
Procurement
Treasury
Company Secretarial
Operations
Relevant Roles
Legal Counsel
Corporate Lawyer
Compliance Officer
Chief Financial Officer
Finance Manager
Transaction Manager
Business Development Manager
Contract Administrator
Risk Manager
Company Secretary
Escrow Officer
Banking Relationship Manager
Real Estate Manager
Procurement Manager
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