Escrow Waiver Agreement Template for India

The Escrow Waiver Agreement is a specialized legal instrument used when parties to an existing escrow arrangement mutually agree to terminate the escrow and release all associated obligations. This document becomes necessary when the original purpose of the escrow has been fulfilled, circumstances have changed making the escrow unnecessary, or parties have agreed to alternative arrangements. Under Indian law, the agreement must comply with the Indian Contract Act, 1872, and related banking and trust regulations. The document typically includes details of the original escrow arrangement, reasons for termination, terms of release, and mutual discharge of obligations. It's particularly important in commercial transactions where significant assets or funds have been held in escrow and formal documentation of their release is required.

1. Parties: Identifies all parties to the agreement, including the original escrow parties and any escrow agent

2. Background: Recitals explaining the original escrow arrangement and the circumstances leading to the waiver

3. Definitions: Defines key terms used throughout the agreement, including references to the original escrow agreement

4. Acknowledgment of Original Escrow: Confirms the existence and details of the original escrow arrangement

5. Waiver Declaration: Clear statement of the rights being waived and the effect of the waiver

6. Release and Discharge: Mutual release of obligations related to the escrow arrangement

7. Representations and Warranties: Statements confirming parties' authority and understanding of the waiver

8. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction

9. Notices: Details how formal communications between parties should be made

10. Counterparts and Execution: Explains how the agreement can be executed and that counterparts are valid