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Escrow Deposit Agreement

Escrow Deposit Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Escrow Deposit Agreement

"I need an Escrow Deposit Agreement under Hong Kong law for a real estate transaction closing in March 2025, where a bank will hold HKD 25 million in purchase funds until property transfer conditions are met."

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Document background
The Escrow Deposit Agreement is a crucial document used in various commercial transactions where there is a need for a trusted third party to hold assets or funds until specified conditions are met. This agreement type is particularly relevant in Hong Kong's dynamic business environment, where it facilitates secure transactions in real estate, corporate deals, and international trade. The document establishes the escrow arrangement's parameters, including appointment of the escrow agent, deposit conditions, release mechanisms, and compliance with Hong Kong's regulatory requirements. It provides security and certainty to all parties by ensuring that assets are properly managed and released only when predetermined conditions are satisfied. The agreement must comply with Hong Kong's trust law principles, contract law, and financial regulations, particularly regarding anti-money laundering and know-your-client requirements.
Suggested Sections

1. Parties: Identifies and defines the three main parties: Depositor, Beneficiary, and Escrow Agent

2. Background: Explains the context and purpose of the escrow arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment of Escrow Agent: Formal appointment and acceptance of the escrow agent's role

5. Escrow Deposit: Details of the assets/funds to be placed in escrow and the deposit process

6. Escrow Agent's Duties: Comprehensive list of the escrow agent's responsibilities and obligations

7. Release Conditions: Specific conditions that must be met for the release of the escrow deposit

8. Release Mechanism: Process and procedures for releasing the escrow deposit

9. Escrow Agent's Fees: Details of fees, charges, and payment terms for the escrow service

10. Representations and Warranties: Standard representations and warranties from all parties

11. Liability and Indemnification: Limitations of liability and indemnification provisions

12. Term and Termination: Duration of the agreement and termination provisions

13. Notices: Communication procedures and contact details for all parties

14. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, etc.

Optional Sections

1. Anti-Money Laundering Compliance: Required when dealing with substantial monetary deposits or when parties are subject to AML regulations

2. Interest on Escrow Funds: Include when interest-bearing accounts are used for the escrow deposit

3. Dispute Resolution: Detailed dispute resolution procedures, recommended for high-value or complex transactions

4. Force Majeure: Include when extended holding periods are contemplated or for international transactions

5. Confidentiality: Required when sensitive commercial information is involved

6. Tax Provisions: Include when tax implications need to be addressed explicitly

7. Multiple Currency Provisions: Required when the escrow involves multiple currencies

8. Electronic Communications: Include when parties agree to use electronic means for notifications and approvals

Suggested Schedules

1. Schedule 1 - Escrow Property Details: Detailed description of the assets/funds being held in escrow

2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees and charges

3. Schedule 3 - Release Instructions: Specific form and format of release instructions

4. Schedule 4 - Required Documents: List of documents required for release conditions

5. Schedule 5 - Authorized Signatories: List of persons authorized to give instructions

6. Appendix A - KYC Requirements: Required documentation for compliance with KYC regulations

7. Appendix B - Form of Notice: Standard forms for various notices under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses







































Relevant Industries

Banking & Financial Services

Real Estate

Mergers & Acquisitions

Technology

International Trade

Construction

Legal Services

Corporate Services

Investment Management

Private Equity

Relevant Teams

Legal

Compliance

Finance

Treasury

Operations

Risk Management

Corporate Secretarial

Transaction Management

Client Services

Deal Advisory

Relevant Roles

Legal Counsel

Corporate Lawyer

Compliance Officer

Transaction Manager

Escrow Officer

Trust Officer

Financial Controller

Chief Financial Officer

Company Secretary

Risk Manager

Operations Manager

Banking Relationship Manager

Real Estate Transaction Manager

Deal Manager

Treasury Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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