In a Sale and Purchase Agreement, the Seller/Buyer depositing the funds in an account in the name of independent Escrow Agents to retain deposit /part of the consideration pending completion / warranty claim / regulatory approval. This is drafted in favour of the Seller.
The Seller and Buyer entered into an agreement (the Sale and Purchase Agreement) providing for the sale by the Seller to the Buyer of Company for the consideration and upon the terms and subject to the conditions set out in the Sale and Purchase Agreement.
Under the Sale and Purchase Agreement, the Buyer has agreed to pay the sum of Consideration to the Escrow Agents to hold for the Seller on the terms of this Agreement.
This is the Escrow Agreement referred to in the Sale and Purchase Agreement. The Buyer shall deposit the Escrow Amount to in the Escrow Account and irrevocably release it to the order of the Escrow Agent subject to the provisions of this Agreement.
This document should be carefully read by the Buyer, Seller and the Escrow Agent. Both parties should sign and return a copy, and once signed, both parties should get a copy.
To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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