A proceeds escrow agreement is a legal document that states that an organization after selling its securities has transferred its proceeds to a third party, sometimes referred to as an escrow agent. The third party establishes an account where all the proceeds are deposited. The agreement states all the terms and conditions agreed upon and entered into by both the parties and also the duties of the third party sometimes referred to as the broker.
The details that should be mentioned in a proceeds escrow agreement are as follows:
- The fund type to be placed in escrow. The process of procuring the fund would also be mentioned.
- The identity of the subscribers of the escrow. This also includes the name and address of the subscriber.
- The specified duties of the escrow agent.
- The process of release of funds.
- The duration for which the agreement is valid and termination date of the agreement.
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