Common use of Payment of Escrow Agent Clause in Contracts

Payment of Escrow Agent. The Escrow Agent acknowledges receipt of good and valuable consideration for the services rendered or to be rendered by it pursuant to this Escrow Agreement. The Design- Builder shall pay the Escrow Agent’s reasonable fees and expenses in connection with the performance of its duties under this Escrow Agreement, including, but not limited to, those fees described in Exhibit B attached hereto. As described in Exhibit B, the annual administration fee is $2,500 and shall be payable at signing by the Design-Builder. If the Escrow Agent continues to serve under this Escrow Agreement beyond the initial twelve (12)-month term, the Design- Builder shall be invoiced each year on the anniversary date of the execution of this Escrow Agreement for the Escrow Agent’s continuing service hereunder, and payment for such continuing service shall be due within 30 days of receipt of such invoice. The Escrow Agent and the Design-Builder acknowledge and agree that the Department shall have no liability in respect of any fees or expenses of the Escrow Agent.