Escrow Waiver Clause Samples
An Escrow Waiver clause eliminates the requirement for one party, typically a borrower, to deposit funds into an escrow account for certain recurring expenses, such as property taxes or insurance premiums. Instead, the responsible party pays these expenses directly as they come due, rather than having the lender collect and disburse payments on their behalf. This clause streamlines payment responsibilities and can reduce administrative burdens, but it also shifts the risk of missed or late payments to the party granted the waiver, ensuring that the lender is not liable for non-payment of these obligations.
Escrow Waiver. 10.5.1. Waiver Conditions........................................... 10.5.2.
Escrow Waiver. The requirement to assign and deliver source code material to an independent Contractor under an "Escrow Agreement" may be waived, whether in whole or in part, at the discretion of the Contracting Officer upon the written request of the contractor. Specific items for which waiver is granted shall expressly be identified in this contract. "In granting a request for waiver, in whole or part, the Contracting Officer may consider any fact found relevant to exercising informed discretion, including, but not limited to, any or all of the following:
(1) the extent of the offeror's (and its subcontractor's) experience in supporting and maintaining software on projects of similar or larger scope and dollar value;
(2) the sufficiency and quality of the Contractor's past performance and that of its subcontractors; and
(3) the market strength and influence of the Contractor, its subcontractors, and any involved software suppliers."
Escrow Waiver