escrow

(redirected from Escrow agent)
Also found in: Dictionary, Thesaurus, Legal, Financial.

escrow

(security)
An arrangement where something (generally money or documents) is held in trust ("in escrow") by a trusted third party until certain agreed conditions are met. In computing the term is used for key escrow and also for source code escrow.

escrow

A legal device used in a construction contract whereby something of value is placed with a third party, acting as a trustee, to guarantee that conditions of the contract will be met.
References in periodicals archive ?
The provisions for an escrow agent can be part of the cross purchase agreement, or provided for in a separate agreement.
WHEREAS, Life Settlement Provider, Life Settlor and Escrow Agent have entered into this Agreement in order to facilitate the consummation of the transaction contemplated in the Settlement Agreement (the "Transaction") and this Agreement.
Pippen that an escrow agent has the duty to exercise a high degree of care to conserve money entrusted to him or her and to pay only those individuals entitled to receive that money.
As a neutral third party, the escrow agent will set up the contract, safeguard the assets, and manage the account.
People like to hold service providers accountable, according to Frank Palermo, Underwriting Manager of XL Catlins Commercial Errors & Omissions (E&O) business in North America, If there is any question about the services they provide, title and escrow agents, notaries and others should have strong professional liability protection and guidance to help defend their work.
Furthermore, ScanSource said that a large part of the payment will be held by the independent escrow agent and be available to cover certain contingent liabilities and/or indemnification claims of CDC Brasil, under the agreement.
You will find that the escrow agent will offer a standard form of agreement that provides a good starting point for crafting a customized contract.
If the user's everyday encryption key is later lost, then the user or an officer in the user's organization could give that information to the escrow agent and request assistance.
Courts also have held that the escrow agent has no duty to advise any party regarding the propriety of a transaction.
When a buyer agrees to purchase a vehicle found online, he or she is directed by the seller to send money to a phony escrow agent, and is promised that the cash will be held until the vehicle is delivered.
With limits of liability up to $5 million per claim and a $5 million annual aggregate, the XL Group/Plus Companies professional liability program is designed for US-based title agents, title abstractor, closing agent, escrow agent, or notaries with revenues up to $10 million.