17-217 17-217 . . . Indemnification Agreement providing that (i) in event of change in control, corporation shall establish Escrow Reserve of $2,000,000 as security for its obligations under Indemnification Agreement and (ii) in event of any liquidation, merger, consolidation or reorganization in which corporation is not surviving entity, or sale of all or substantially all of corporation's assets, corporation shall ensure that Indemnification Agreement is assumed by surviving entity or otherwise provide for satisfaction of its obligations thereunder
Mississippi Indemnification Agreement establishing Escrow Reserve
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How to fill out Indemnification Agreement Establishing Escrow Reserve?
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Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
A Standard Clause that sets out the basic terms and conditions by which the contract parties agree to hold a portion of the contract consideration such as the purchase price with a third-party escrow agent to satisfy the seller's indemnification, warranty, or other contract obligations.
Indemnity Escrow Period: This is the length of time after the transaction closes that the indemnity escrow is held before being released to the seller. This can be less than a year to greater than two years, but currently ran between 12 and 18 months.
The Indemnification Escrow Amount shall be held by the Escrow Agent in ance with the terms and conditions set forth herein and in the Escrow Agreement (the ?Indemnification Escrow Fund?). All costs and expenses of the Indemnification Escrow Fund shall be split equally by Seller and Purchaser.
Escrow agreements outline the terms and conditions of large transactions. The transaction is mediated by an independent escrow agent, who holds all funds and documents until both sides have fulfilled their promises.