Instruction for Payment & Agreement BACKGROUND 1. The Client has agreed to provide Service & goods to the Customer 2. The parties have agreed that there will be a deposit paid into the Escrow account 3. The monies will be utilised to pay the Client from the funds deposited by the Customer as per below instruction.4. ESSENTIAL TERMS Show terms... 4.1 Appointment of Escrow Agent The Client and the Customer jointly appoint Noble Escrow Limited to act as Escrow Agent and to hold and apply the funds in accordance with this Agreement. 4.2 Terms & Conditions The Client and the Customer agree to be bound by the full terms and conditions of Noble Escrow Limited as published on its website. The Client and Customer agree to providing full identity information and fulfil the AML requirements of the Escrow Agent. 4.3 Interest paid to Escrow Agent All interest that accrues is exclusively the ownership of the Escrow Agent as part of the Escrow Agent’s consideration. 4.4 Monthly Statements On a quarterly basis the Escrow Agent may provide a Statement of Account to the Client. 4.5 Fees The role of the Escrow Agent is administrative only limited to holding the funds as Stakeholder, paying the funds out as agreed between the Client and Customer, deducting the accrued interest and deducting the Escrow Agent’s fees, being % of the total funds deposited in the account. 4.6 Indemnity by Client The Client irrevocably agrees to Indemnify the Escrow Agent against any liabilities however they may arise through the Escrow Agent providing services in any event. 4.7 Client pays Fees The Client shall alone be responsible for the fees of the Escrow Agent referred to in this Agreement. 1. Client Name (Service Provider)* 1.1 Company Number* 1.2 Contact Name* 1.3 Email* 1.4 Phone Number* 2. Customer Name (Recipient of Services or Goods)* 2.1 Address* 2.2 Contact Name* 2.3 Telephone Number* 2.4 Email* Instruction for Payment This instruction forms part of the Escrow Agreement between the parties as well as the Terms and Conditions as per the Noble Escrow Website. Service Provider Client Name (Service Provider)* Your Reference No.* Bank Account Number* Bank Account Name* Customer Details (Recipient of Services or Goods) Name* Email* Address* Phone* Bank Account Number* Bank Account Name* REQUEST AND INSTRUCTION TO NOBLE ESCROW LIMITED THE FOLLOWING IS THE BASIS THAT THE ESCROW AGENT IS INSTRUCTED TO DISBURSE THE FUNDS HELD: Show terms... 4.8 Instructions in Writing All communications to the Escrow Agent must be in writing. The Escrow Agent is entitled to rely on the instructions as per the attached instruction. Should the instructions be unclear, or ambiguous, the Escrow Agent will be entitled to retain those funds either until the instruction from both Client and Customer are made clear or by Order of a Court. 4.10 Should the Customer raise a dispute, the parties are bound by the Dispute Resolution Provision contained within the terms and conditions within the trade agreement between the Client and the Customer failing that the parties and bound by the Dispute Section provided under the T&Cs of the Escrow Agent agreement as per our website www.nobleescrow.co.nz. Under no circumstances is the Escrow Agent party to any such dispute. 1. Specify the total sum to be deposited: 2. Specify the Amount to be paid to the Client (Services Provider) and date or event: 3. Specify the Amount and Date of the First installment or milestone for payment: 4. Specify the Amount and Date of the Second installment or milestone for payment: 5. Specify the Amount and Date of the Third installment or milestone for payment: 6. Specify the Amount and Date of the Final Drawdown or the Agreed Milestone: 7. In the event there is a retention, either specify the Date for payment, Milestone or Who is authorised to instruct the payment release (for example, the Quantity Surveyor instructs for release of payment): Agreed by the Parties Both parties, having read the terms and conditions agree to be bound by the same. Client Signature: Clear Name: Phone: Email: Customer Signature: Clear Name: Phone: Email: Legal: Noble Escrow Limited is entitled to rely on this instruction in accordance with the terms and conditions of the Escrow Agreement executed between the Client and the Customer, as well as the standard terms and conditions of Noble Escrow Limited as displayed on the website, www.nobleescrow.co.nz.
