Common use of Indemnification Escrow Clause in Contracts

Indemnification Escrow. In accordance with the indemnification provisions set forth above, at the Closing of the Offering, an amount equal to three hundred thousand dollars ($300,000) from the Offering proceeds shall be placed into an escrow account in the United States of America, to be determined by the Company and the Underwriter, for indemnification purposes, for a period of fifteen (15) months from the Closing of the Offering.