Joint Escrow Sample Clauses
A Joint Escrow clause establishes that certain funds, documents, or assets will be held by a neutral third party (the escrow agent) on behalf of both parties involved in a transaction. Typically, the clause outlines the conditions under which the escrow agent will release the escrowed items, such as upon completion of specific contractual obligations or mutual agreement. This arrangement ensures that both parties are protected during the transaction, as the escrow agent only acts according to the agreed terms, thereby reducing the risk of non-performance or breach.
Joint Escrow. 2.1 The material held in escrow is placed in joint escrow. This means that several customers share a copy of identical source material. In the event of release, copies shall be made of this material for the customer(s) entitled to it at their expense. Each customer shall receive individual receipts and other relevant information.
Joint Escrow. Concurrently with the execution of this Agreement, the Parties, and First American Title Insurance Company (“Escrow Agent” or “Title Company”) will enter into that certain Escrow Instructions and Agreement of even date with this Agreement (the “Escrow Agreement”) providing for a joint escrow (the “Escrow”) and the closing of the Sale Transaction (the “Closing”) pursuant to the terms, procedures, covenants and conditions set forth in the Escrow Agreement.