Kvitsinia N.V. Prospects for the Development of the Escrow Agreement in Russia

DOI: https://doi.org/10.15688/lc.jvolsu.2020.1.6

Natalia V. Kvitsinia, Candidate of Sciences (Jurisprudence), Associate Professor, Department of Civil and Private International Law, Base Department of the Southern Scientific Centre of the Russian Academy of Sciences, Volgograd State University, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-6538-9796

Introduction: the paper deals with such issues as the content and objectives of the escrow agreement, its special aspects and distinctive features in relation to other forms of payments, and the development of the escrow agreement in foreign countries and the Russian Federation. Purpose: using the methods of scientific knowledge – logical, dialectical, and comparative law – in order to identify the areas of improvement of the escrow agreement in the field of regulation of the rights and obligations of the depositor, beneficiary and escrow-agent the role of the escrow agreement in the implementation and protection of the rights of the parties to the agreement was analyzed by the author. Results: the consolidation of the escrow agreement as an institution of the civil legislation of the Russian Federation made it possible to protect the interests of the contractors, reduce the risks and protect the parties from possible fraudulent actions and most fully ensure the fulfillment of contractual obligations primarily on the part of the beneficiary. Conclusions: the escrow agreement in civil law is a new institution that requires improvement and adaptation; this will be one of the most effective mechanisms for protecting the rights of business participants in the construction sector. The development of the legal regulation of the escrow agreement, including the development of the escrow account agreement, will particularly help to guarantee the protection of the customers’ rights in the shared construction contract.

Key words: escrow agreement, escrow account agreement, escrow, settlements, beneficiary, depositor.

Citation. Kvitsinia N.V. Prospects for the Development of the Escrow Agreement in Russia. Legal Concept, 2020, vol. 19, no. 1, pp. 51-59. (in Russian). DOI: https://doi.org/10.15688/lc.jvolsu.2020.1.6

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