All Countries
Real Estate
Escrow Holdback Agreement

Escrow Holdback Agreement Template for Philippines

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Escrow Holdback Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Escrow Holdback Agreement

"I need an Escrow Holdback Agreement under Philippine law for a real estate transaction closing on March 15, 2025, where 20% of the purchase price will be held in escrow for 6 months to cover potential undisclosed property defects."

Celebrated by
Collaborations with
Investors
Document background
The Escrow Holdback Agreement is a crucial document used in Philippine business transactions where parties need a secure mechanism to hold funds as security or contingency. This agreement is particularly vital in situations such as mergers and acquisitions, real estate transactions, or construction projects where a portion of the purchase price or payment needs to be retained to protect against potential future claims, indemnifications, or completion of specific conditions. The document, structured under Philippine law and banking regulations, establishes the role of an escrow agent, typically a bank or trust company, who holds and manages the funds according to predetermined conditions. It includes specific provisions for fund release, dispute resolution, and compliance with local financial regulations, making it an essential tool for risk management in significant commercial transactions.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement: Buyer, Seller, and Escrow Agent

2. Background: Describes the underlying transaction and purpose of the escrow holdback 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 Amount and Deposit: Specifies the amount to be held in escrow and initial deposit requirements

6. Escrow Period: Defines the duration of the escrow arrangement

7. Release Conditions: Details the conditions that must be met for the release of escrow funds

8. Release Mechanics: Procedures for requesting and executing the release of funds

9. Escrow Agent's Duties and Responsibilities: Outlines the obligations and responsibilities of the escrow agent

10. Fees and Expenses: Details the escrow agent's fees and allocation of expenses

11. Indemnification: Provisions for indemnifying the escrow agent

12. Termination: Conditions and procedures for terminating the agreement

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

14. General Provisions: Standard contractual provisions including notices, amendments, and severability

Optional Sections

1. Investment of Escrow Funds: Optional provisions for how escrow funds may be invested, if applicable

2. Tax Provisions: Specific tax-related provisions if the escrow arrangement has tax implications

3. Electronic Communications: Provisions for electronic notifications and communications if parties agree to use them

4. Multiple Release Conditions: Used when there are several different conditions or phases for releasing portions of the funds

5. Dispute Resolution Procedure: Detailed alternative dispute resolution procedures beyond standard court jurisdiction

6. Force Majeure: Provisions for handling unforeseen circumstances that may affect the escrow arrangement

7. Replacement of Escrow Agent: Procedures for replacing the escrow agent if needed

Suggested Schedules

1. Schedule A - Escrow Release Requirements: Detailed checklist of documents and conditions required for release of funds

2. Schedule B - Fee Schedule: Detailed breakdown of escrow agent fees and charges

3. Schedule C - Release Notice Form: Standard form for requesting release of escrow funds

4. Schedule D - Authorized Signatories: List of authorized signatories for each party

5. Schedule E - Distribution Instructions: Banking and payment details for fund distributions

6. Appendix 1 - Underlying Transaction Documents: References to relevant transaction documents related to the escrow

7. Appendix 2 - KYC Requirements: Required know-your-customer documentation for compliance purposes

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
Applicable Law
Authorized Representative
Banking Day
Business Day
Claim Notice
Closing Date
Designated Account
Dispute
Effective Date
Escrow Account
Escrow Agent
Escrow Amount
Escrow Claim
Escrow Fee
Escrow Period
Escrow Release Date
Event of Default
Holdback Amount
Indemnification Claim
Interest
Investment Proceeds
Loss
Material Adverse Effect
Notice
Objection Notice
Party/Parties
PHP
Purchase Agreement
Release Conditions
Release Instructions
Release Notice
Release Request
Required Documentation
Security Interest
Seller's Representative
Buyer's Representative
Termination Date
Transaction
Trust Account
Underlying Agreement
Working Day
Relevant Industries

Banking & Financial Services

Real Estate

Mergers & Acquisitions

Construction

Technology

Manufacturing

Energy

Infrastructure

Telecommunications

Healthcare

Retail

Professional Services

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretariat

Business Development

Mergers & Acquisitions

Project Management

Operations

Relevant Roles

Chief Financial Officer

Legal Counsel

Corporate Lawyer

Transaction Manager

Compliance Officer

Risk Manager

Treasury Manager

Financial Controller

Business Development Manager

Contract Administrator

Company Secretary

Escrow Officer

Trust Officer

Banking Officer

Project Manager

Acquisition Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental legal framework for contracts, obligations, and contractual relationships in the Philippines
New Central Bank Act (Republic Act No. 7653): Governs banking operations and financial transactions, including regulations on escrow accounts and services
Anti-Money Laundering Act of 2001 (Republic Act No. 9160): Provides regulations to prevent money laundering and includes provisions relevant to financial transactions and escrow arrangements
General Banking Law of 2000 (Republic Act No. 8791): Regulates banking institutions and their services, including trust and fiduciary activities like escrow services
Securities Regulation Code (Republic Act No. 8799): Relevant for escrow arrangements involving securities or regulated investment instruments
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): Applies if one party is a consumer, providing protection and remedies in financial transactions
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

Find the exact document you need

Escrow Contract

A Philippine law-governed tripartite agreement establishing an escrow arrangement for holding and managing assets or funds until specified release conditions are met.

find out more

Tax Escrow Agreement

A Philippine law-governed agreement establishing an escrow arrangement for managing and disbursing funds for tax payments to the Bureau of Internal Revenue.

find out more

Escrow Agreement IT Software

A Philippine law-governed agreement establishing software escrow arrangements between developer, beneficiary, and escrow agent for source code protection.

find out more

Escrow Holdback Agreement

A Philippine law-governed agreement establishing terms for holding and releasing funds in escrow as security in a transaction.

find out more

Escrow Deposit Agreement

A Philippine law-governed agreement establishing terms for holding and releasing funds or assets through an escrow agent upon fulfillment of specified conditions.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.