An escrow agreement format in India typically includes the following key elements.
What is Included in the Escrow Account Agreement Format India?
Parties Involved:
Identification of the parties: The company (or individual) and the escrow bank.
Description of their roles and responsibilities.
Purpose: Specify the purpose of the escrow account (e.g., compliance with RBI guidelines, holding funds for a specific transaction).
Definitions: Clearly define terms used in the agreement (e.g., “Applicable Law,” “Agreement”).
Escrow Account Details:
Mention the bank where the escrow account will be maintained.
Explain the purpose of the account (e.g., collecting payments, safeguarding funds).
Dispute Resolution: Outline procedures for resolving disputes related to the escrow account.
Liabilities and Obligations:
Specify the responsibilities of the escrow bank.
Address any fees or charges associated with the account.
Remember that specific agreements may vary based on the context and purpose of the escrow. I hope this helps!
Get Legal Assistance for All Your Property Concerns Here at NoBroker Legal ServicesRead More:
How Do You Set Up an Escrow Account?
Related Questions
Most Viewed Questions
Recently Published Questions
Authors Of The Question
![profile](https://www.nobroker.in/prophub/wp-content/uploads/2024/05/generic_profile-1.jpg)
40 Total Answers
What is Escrow Agreement Format?
Sahil
38Views
4 days
2024-06-28T16:40:20+00:00 2024-06-28T16:40:20+00:00Comment
1 Answers
Share