The Strict Joint Order Escrow Agreement is designed for situations where parties need a secure, neutral third party to hold funds or assets until specific conditions are met. This agreement type is commonly used in the United States for complex transactions where both parties seek maximum security and control over the release of escrow funds. Unlike standard escrow arrangements, this agreement requires joint written instructions from all parties before any release can occur, providing enhanced protection against unauthorized disbursements. The document includes detailed provisions for the appointment of the escrow agent, deposit procedures, release conditions, and the agent's duties and liabilities.
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1. Parties: Identifies all parties to the agreement including the escrow agent, their legal status, and contact details
2. Background: Explains the context and purpose of the escrow arrangement and the underlying transaction
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Appointment of Escrow Agent: Formal appointment and acceptance of the escrow agent, including scope of authority
5. Deposit of Escrow Funds: Details of what is being held in escrow, how it will be deposited, and timing requirements
6. Release Conditions: Specific conditions that must be met for release of escrow funds and the release mechanism
7. Escrow Agent's Duties: Detailed responsibilities and obligations of the escrow agent, including standard of care
8. Fees and Expenses: Terms regarding the escrow agent's compensation and reimbursement of expenses
9. Liability and Indemnification: Limitations on escrow agent's liability and indemnification provisions
10. Term and Termination: Duration of the agreement and circumstances for termination
1. Investment of Escrow Funds: Terms for how funds may be invested while in escrow, applicable when escrow period is long enough to warrant investment
2. Electronic Communications: Provisions for electronic notifications and instructions, included when parties agree to use electronic communications
3. Foreign Currency Provisions: Handling of foreign currency aspects, required when transaction involves multiple currencies
4. Dispute Resolution: Specific procedures for resolving disputes between parties, including jurisdiction and venue
1. Schedule A - Fee Schedule: Detailed breakdown of escrow agent's fees and expenses
2. Schedule B - Authorized Signatories: List of persons authorized to give instructions regarding the escrow
3. Schedule C - Form of Release Notice: Template for requesting release of escrow funds
4. Schedule D - Investment Guidelines: Parameters for investment of escrow funds if applicable
5. Schedule E - KYC Requirements: Documentation requirements for compliance with Know Your Customer regulations
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