All templatesESCROW AGREEMENT
THIS ESCROW AGREEMENT is made on the ______ day of ____________ 20____ BETWEEN Kevin Mutua Musyoka ("the Depositor"), Serena Heights Developers Limited ("the Beneficiary") and Kamau & Wekesa Advocates LLP ("the Escrow Agent").
1. The escrow
The Depositor will deposit with the Escrow Agent KES 9,800,000 ("the Escrow"), and the Escrow Agent will hold it as stakeholder for the Depositor and the Beneficiary on the terms of this Agreement.
2. Release
The Escrow Agent will release the Escrow to the Beneficiary on delivery of the registered sectional title for Apartment B-7, Serena Heights, Kilimani in the Depositor's name. The Escrow Agent will release the Escrow within 5 days after the release conditions are met.
3. Disputed instructions
If the Depositor and the Beneficiary give conflicting instructions, the Escrow Agent will keep the Escrow until they agree in writing or a court directs what is to be done with it.
4. The Escrow Agent
The Escrow Agent acts only as this Agreement provides, may decline an instruction that is unclear, and is liable only for its own dishonesty or negligence.
5. Notices
A notice under this Agreement is given in writing and delivered, posted or e-mailed to the party at its address: Kevin Mutua Musyoka, P.O. Box 5521-00100, Nairobi, [Depositor email address]; Serena Heights Developers Limited, P.O. Box 76540-00508, Nairobi, [Beneficiary email address]; Kamau & Wekesa Advocates LLP, P.O. Box 44120-00100, Nairobi, escrow@kamauwekesa.co.ke.
6. Assignment
No party may assign or transfer this Agreement without the written consent of the others.
7. Waiver
Business and deals
Escrow agreement template (Kenya)
Also called: Escrow Agreement
What it is for
A trusted third party holds money until both sides have done their part.
The Kenyan law it follows
- Law of Contract Act Cap 23 — the agreement is a contract among three parties; an advocate holding the money holds it in a client account under the Advocates (Accounts) Rules
Who prepares it
You can prepare this yourself. It is still wise to have an advocate read it before you sign, especially where a lot of money or a long commitment is involved.
Fill this in with your own details
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Sample escrow agreement
The first part of the sample is shown here. The names, amounts and facts are made up to show how the document reads.
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This is a sample for general information. It is not legal advice and may not suit your situation. Laws change, and a document has to fit your own facts; have an advocate check it before you rely on it.