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Escrow Release Agreement Template for Singapore

An Escrow Release Agreement under Singapore law is a legal document that sets out the terms and conditions for releasing assets held in escrow by a third party (escrow agent). The agreement complies with Singapore's Civil Law Act and Trust Companies Act, establishing the mechanism for release, the duties of the escrow agent, and the rights of the parties involved. It includes specific conditions that must be met before the release of assets and provides protection for all parties in the transaction.

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What is a Escrow Release Agreement?

The Escrow Release Agreement is utilized when parties need a secure mechanism for holding and releasing assets under Singapore law. This document is commonly used in various transactions where trust and security are paramount, such as property purchases, corporate acquisitions, or complex financial deals. The agreement details the specific conditions that must be met for release, the escrow agent's responsibilities, and the rights of all parties involved. It provides a legal framework that ensures compliance with Singapore's regulatory requirements while protecting the interests of all parties in the transaction.

What sections should be included in a Escrow Release Agreement?

1. Parties: Identification of all parties including escrow agent, depositor, and beneficiary

2. Background: Context of the escrow arrangement and reference to the underlying transaction

3. Definitions: Key terms used throughout the agreement

4. Escrow Deposit: Details of the assets being held in escrow and deposit mechanics

5. Release Conditions: Specific conditions that must be met for the release of escrow assets

6. Escrow Agent's Duties: Rights, obligations, and standard of care of the escrow agent

7. Release Mechanism: Process and procedures for releasing the escrow assets

8. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Escrow Release Agreement?

1. Investment of Escrow Funds: Terms for investing escrow funds - used when escrow involves cash deposits that may be invested

2. Digital Asset Provisions: Specific provisions for digital or cryptocurrency assets - used when escrow involves digital assets

3. Multiple Release Conditions: Complex release mechanics for multiple conditions or parties - used when release requires multiple conditions or approvals

4. Force Majeure: Provisions for unforeseen circumstances - used when extended holding periods are contemplated

What schedules should be included in a Escrow Release Agreement?

1. Schedule of Assets: Detailed description of assets held in escrow

2. Release Notice Form: Template for requesting release of escrow assets

3. Fee Schedule: Escrow agent's fees and payment terms

4. Verification Documents: Forms or documents required to verify release conditions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Escrow Agreement

Cost

Free to use

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