Create an escrow account

About this business activity

An escrow account is when a third-party holds funds to ensure a contract is fulfilled. It can also be used to protect buyers and prevent one party from withdrawing from a contract.

Instruction Letter To Escrow Bank (Construction Project)

This is a letter from the Employer's solicitors to the escrow bank, instructing them to operate the escrow account for a building or engineering project.

What to watch out for

  • The employer's solicitors should be clear in their instructions to the escrow bank
  • The escrow account should be clearly established under the terms of the contract
  • Any construction project should be closely monitored to ensure that all parties are adhering to the terms of the contract
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    Relevant Contract Types

    🏑 Escrow agreement

    A escrow agreement is a contract between a buyer and a seller of a piece of property in which a third party holds and regulates the payment of the funds required for the purchase, and then disburses them accordingly. This type of arrangement is often used in real estate transactions."

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