A useful document if a third party is to be entrusted with funds/goods pending determination of a dispute or the performance of certain activities.
Sample
"1. DURATION
This Agreement commences on the Commencement Date and remains in force until terminated in accordance with Clause 10.
2. APPOINTMENT OF ESCROW AGENT
The Escrow Agent is appointed jointly by the Supplier and the Customer and is subject to the terms and conditions of this Agreement.
3. CUSTODY OF SOURCE CODE
3.1. Deposit of Source Code
The Supplier must deposit with the Escrow Agent one copy of the Source Code.......
5 RELEASE OF SOURCE CODE
5.1. Mutual Approval
The Escrow Agent must release the Source Code to the Supplier as soon as possible after receipt of notice in writing signed by both the Supplier and the Customer.......
6 CHARGES
6.1. Payment of Escrow Fee
The Customer must pay the Escrow Agent..."
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Escrow agreement - COMM 55
