Common use of Escrow Release Clause in Contracts

Escrow Release. ‌ The registry’s escrow agent must receive an authorized request to release the escrow deposits for the troubled registry to ICANN. While, contractually, this must occur within 24 hours of request, ICANN will transmit that request only upon authorization from the Event Director. There is no secrecy around this request, but no formal notification mechanism will be used to inform the EBERO of the release request being transmitted; informal communication (on the event bridge) is deemed sufficient to set a timing expectation as to when the escrow deposits will become available to EBERO.

Escrow Release. ‌ The registryregistry operator’s escrow agent must receive an authorized request to release the escrow deposits for the troubled registry Failed TLD to ICANN. While, contractually, this must occur within 24 hours of request, ICANN will transmit that request only upon authorization from the Event Director. There is no secrecy around this request, but no formal notification mechanism that will be used to inform the EBERO of the release request being transmitted; informal communication (on the event bridgebridge or via the Adobe Connect room) is deemed sufficient to set a timing expectation as to when the escrow deposits will become available to EBERO.