Common use of Escrow mechanism Clause in Contracts

Escrow mechanism. (a) Without undue delay after the date of this Agreement, the Parties shall jointly appoint the Escrow Agent to serve as their joint agent to receive and hold on behalf of both Parties the Escrow Amount. The Parties shall instruct the Escrow Agent to open without undue delay (unverzüglich) after the date of this Agreement a bank account to receive payment by Purchaser of the Escrow Amount (the “Escrow Account”) and to notify the Parties of the details of the Escrow Account. (b) The terms and conditions regarding the Escrow Account and the release of funds therefrom are set forth in the Escrow Agreement to be executed between the Parties and the Escrow Agent and delivered prior to the Closing Date.