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Escrow Deposit Agreement

Escrow Deposit Agreement Template for Philippines

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Key Requirements PROMPT example:

Escrow Deposit Agreement

"I need an Escrow Deposit Agreement under Philippine law for a real estate transaction, where the buyer will deposit PHP 50 million with a local bank as escrow agent, with funds to be released in March 2025 upon completion of property due diligence and title transfer."

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Document background
The Escrow Deposit Agreement is a crucial legal instrument used in the Philippines when parties need a secure mechanism for handling significant financial transactions. This document type is commonly employed in various business contexts, including real estate purchases, corporate mergers, international trade, and major procurement deals. The agreement must comply with Philippine banking regulations, the Civil Code, and anti-money laundering legislation. It specifically details the appointment of an escrow agent (typically a bank or licensed financial institution), the deposit conditions, release mechanisms, and the rights and obligations of all parties involved. The document provides security and risk mitigation by ensuring that funds or assets are properly held and only released when predetermined conditions are met, making it an essential tool for complex transactions in the Philippine business environment.
Suggested Sections

1. Parties: Identifies all parties to the agreement including the 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. Deposit of Funds: Details of the escrow deposit, including amount, form, and timing

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 escrow funds

8. Release Mechanics: Procedures for releasing the escrow funds when conditions are met

9. Escrow Agent's Fees: Details of compensation and reimbursement for the escrow agent

10. Liability and Indemnification: Limits on escrow agent's liability and indemnification provisions

11. Termination: Circumstances and procedures for terminating the agreement

12. Notices: Communication procedures between parties

13. Governing Law: Specifies Philippine law as governing law and jurisdiction

14. General Provisions: Standard boilerplate provisions including amendments, assignments, and severability

Optional Sections

1. Interest on Deposits: Include when escrow funds will be held in an interest-bearing account

2. Dispute Resolution: Include detailed arbitration or mediation procedures when parties prefer alternative dispute resolution

3. Multiple Deposits: Include when the arrangement involves multiple deposits or tranches

4. Electronic Communications: Include when parties agree to use electronic means for notifications and documents

5. Anti-Money Laundering Compliance: Include detailed AML procedures when dealing with large sums or high-risk transactions

6. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

7. Confidentiality: Include when transaction involves sensitive information

Suggested Schedules

1. Schedule A - Escrow Amount and Payment Details: Details of the escrow amount, payment schedule, and bank account information

2. Schedule B - Release Conditions Checklist: Detailed checklist of conditions that must be met for release of funds

3. Schedule C - Fee Schedule: Detailed breakdown of escrow agent's fees and charges

4. Schedule D - Required Documents: List of documents required for verification before release of funds

5. Schedule E - Authorized Signatories: List of persons authorized to give instructions regarding the escrow

6. Appendix 1 - Form of Release Notice: Standard form for requesting release of escrow funds

7. Appendix 2 - AML Documentation Requirements: List of required documents for anti-money laundering compliance

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 | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Anti-Money Laundering Laws
Applicable Law
Authorized Representative
Banking Day
Beneficiary
BSP
Business Day
Completion Date
Confidential Information
Deposit
Deposit Account
Deposit Amount
Depositor
Escrow Account
Escrow Agent
Escrow Funds
Escrow Period
Event of Default
Force Majeure Event
Governing Law
Interest
Notice
Parties
Philippine Peso
Release Conditions
Release Date
Release Notice
Required Documents
Securities and Exchange Commission
Security Interest
Taxes
Term
Transaction
Trust Receipt
Working Day
Relevant Industries

Banking & Financial Services

Real Estate

International Trade

Construction

Technology

Manufacturing

Professional Services

Retail

Energy

Infrastructure Development

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretariat

Business Development

Operations

Commercial

Banking Operations

Relevant Roles

Legal Counsel

Corporate Lawyer

Compliance Officer

Finance Director

Chief Financial Officer

Treasury Manager

Contract Manager

Business Development Manager

Real Estate Manager

Risk Manager

Company Secretary

Transaction Manager

Banking Operations Manager

Trust Officer

Escrow Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental legal framework for contracts, obligations, and property relations in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and provisions relating to deposit agreements.
New Central Bank Act (Republic Act No. 7653): Regulates banking operations and financial transactions in the Philippines, including requirements for handling trust accounts and escrow services.
Anti-Money Laundering Act of 2001 (Republic Act No. 9160): Sets requirements for financial transactions to prevent money laundering, including customer due diligence and reporting requirements for certain transactions.
Electronic Commerce Act of 2000 (Republic Act No. 8792): Governs electronic transactions and may be relevant if the escrow agreement involves digital payments or electronic documentation.
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumer rights and interests, particularly relevant if the escrow arrangement involves consumer transactions.
Truth in Lending Act (Republic Act No. 3765): Requires disclosure of financial charges and terms in credit transactions, which may be relevant if the escrow involves financing arrangements.
BSP Circular No. 474: Provides guidelines for banks and non-bank financial institutions regarding trust, investment management and other fiduciary activities.
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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