Pogodbe o escrow računih

slovenian

2015

volume 41, issue 2

IUS SOFTWARE d.o.o.
(Obvezni izvod spletne publikacije)

Escrow account agreement is stand-alone, fiduciary, and ordinarily three-party irrevocable contractual arrangement in writing, whereby the appointed bank, attorney or another experienced, independent, neutral and trusted third party as a custodian (an escrow agent) receives, temporarily safeguards, and separately holds segregated assets in trust or as security for intended purpose, e.g., up-front deposited and locked-up monies, securities and/or title and non-title documents of the main debtor (the promisor/the depositor/the principal), with its obligation for the transacting parties to disburse escrowed funds to the named creditor of the underlying transaction (the promisee/the beneficiary) upon fulfillment, or occurrence, of contractually agreed terms and conditions (conditionales creditoris). This security device is widely recognized as one of possibly available and efficacious real guarantees for providing protection against payment or counterparty risk. In addition, an offshore escrow account related to foreign exchange-earning projects is also widely recognized as a useful country-risk mitigation technique. The article briefly describes the functions and practical use of escrow accounts as well as legal nature of more or less typical escrow (account) agreements in relation to eventually applicable rules for similar civil law institutes from the Slovenian Code of Obligations. Since these sui generis agreements are usually non-regulated, and bearing in mind eventually applicable general and specific provisions of governing laws, to stipulate proper contract clauses clearly and without any ambiguity is of a paramount importance for valid, binding, and enforceable contracts that suit the needs and interests of the parties of the underlying business transactions.

19.01.2017