Common use of Requirements and Responsibilities Clause in Contracts

Requirements and Responsibilities. Escrow Agent shall have no duties except as stated herein and the parties agree that it shall not constitute a conflict of interest for Escrow Agent to represent one of the parties in connection with this Agreement or the Contract. Escrow Agent shall not be liable for anything which it may do or refrain from doing in connection herewith provided that it acts in good faith, and without gross negligence, willful neglect or intentional breach of this Agreement. In the event that Escrow Agent becomes involved in litigation relating to the escrow arrangement contemplated by this Agreement (other than litigation commenced by Escrow Agent in accordance with Subsection (b) above), the non-prevailing party shall be responsible for the payment of Escrow Agent's reasonable fees and expenses related to the dispute and for the reasonable attorney fees and costs of the prevailing party. Escrow Agent’s duties under this Agreement shall terminate upon Escrow Agent’s disbursement of all Escrow Funds in accordance with this Agreement.

Requirements and Responsibilities. Escrow Agent shall have no duties except as stated herein and the parties agree that it shall not constitute a conflict of interest for Escrow Agent to represent one of the parties in connection with this Agreement or the Contract. Escrow Agent shall not be liable for anything which it may do or refrain from doing in connection herewith provided that it acts in good faith, and without gross negligence, willful neglect or intentional breach of this Agreement. In the event that Escrow Xxxxxx Agent becomes involved in litigation relating to the escrow arrangement contemplated by this Agreement (other than litigation commenced by Escrow Agent in accordance with Subsection (b) above), the non-prevailing party shall be responsible for the payment of Escrow Agent's reasonable fees and expenses related to the dispute and for the reasonable attorney fees and costs of the prevailing party. Escrow Agent’s duties under this Agreement shall terminate upon Escrow Agent’s disbursement of all Escrow Funds in accordance with this Agreement.