LegalFix
Sign In

§ 1789.167 - Terms and conditions of escrow agreement.

Copy with citation
Copy as parenthetical citation

Escrow Agreements between and among the Borrower, Consultant and Third-party Commercial Institution shall be in form and substance satisfactory to RUS and provide for, among other matters, the following:

Specific reference by number to the applicable contract for services;

Specific reference by number to the applicable Task Order;

Specific reference by number to the Escrow Account into which funds are to be deposited;

Invoices to specifically identify the applicable contract and Task Order(s);

Funds to be held in the Escrow Account by the escrow agent until paid to the Consultant pursuant to the government's authorization;

The Escrow Account to be closed and all remaining funds remitted to the Borrower after payment of the Final Invoice, unless otherwise directed by the government;

The government, the Consultant and the Borrower to have the right to be informed, in a timely manner and in such form as they may reasonably request, as to the status of and activity in the Escrow Account; and

The Escrow Agreement shall not be effective unless and until approved in writing by RUS.

Previous Section
§ 1789.166 - Terms and conditions of funding agreement.
Next Section
§§ 1789.168-1789.175