Common use of Duties of Escrow Agent Clause in Contracts

Duties of Escrow Agent. The duties of the Escrow Agent are limited to receiving, holding, accounting for and disbursing the monies and documents deposited with the Escrow Agent, pursuant to the terms of this Escrow Agreement. The parties to this Escrow Agreement expressly agree that the Escrow Agent has no duties, other than as expressly set out in this Escrow Agreement, and no implied duties or obligations shall be read into this Escrow Agreement. The duties of the Escrow Agent hereunder are strictly ministerial in nature. The Escrow Agent has not advised, and has no duty to advise, any party of the sufficiency, validity, or legality of any of the documents deposited pursuant to this Escrow Agreement.