Creating an Escrow Agreement
Creating an escrow agreement is an integral part of any transaction involving large sums of money; it helps to safeguard the interests of both parties involved. An escrow agreement is a legally binding contract between two parties, typically a buyer and seller, that sets out how funds or other assets are to be stored, invested and released upon completion of the transaction. It’s essential to understand why these agreements matter and how they can benefit all parties involved.
Having worked with this type of agreement for many years as a lawyer, I have seen first-hand how important it is in providing legal protection for those taking part in transactions. A well-crafted escrow agreement ensures that both sides are kept secure throughout the process and both parties can be assured that the money is held safely until the details have been met. This includes protecting against fraud by having clear stipulations on how funds are to be treated and by increasing public confidence in the system.
At Genie AI we provide free escrow agreement templates, which help streamline the entire transaction process while reducing risk and disputes arising from misunderstandings or miscommunications between both sides. By using our step-by-step guidance you can access our template library today without signing up to an account - after all, we’re only here to help!
Read on below for further information on how you can draft your own high quality legal documents with minimal fuss - safe in the knowledge that with Genie AI’s dataset and community template library you have all your bases covered when it comes to creating an effective escrow agreement for your specific needs.
Definitions
Escrow Agreement - A legal document between two or more parties, usually involving the transfer of money, goods, or services.
Scope - The range of a particular agreement, including the parties involved, the amount of money, goods, or services being exchanged, the terms of the agreement, and any contingencies.
Purpose - The reason an agreement is being created and what it is intended to achieve.
Responsibilities - The duties the parties involved have in relation to the agreement.
Execute - To officially complete a document with signatures and/or exchanges.
Close - To finalize all relevant documents and funds being exchanged.
Terms - The conditions and clauses of an agreement.
Dispute Resolution - The process of resolving an argument between two or more parties.
Remedies - The available solutions for resolving a dispute, such as damages, specific performance, or an injunction.
Monitor - To regularly review and take action when necessary to ensure all parties are in compliance with the agreement.
Contents
- Definition and purpose of an escrow agreement
- Researching the relevant legal frameworks
- Understanding the scope of an escrow agreement
- Identifying the purpose of an escrow agreement
- Roles and responsibilities of the parties involved in an escrow agreement
- Identifying the parties to an escrow agreement
- Specifying the roles and responsibilities of each party
- How to prepare an escrow agreement
- Drafting the escrow agreement
- Obtaining legal advice
- Finalizing the escrow agreement
- Negotiating an escrow agreement
- Identifying the terms to be negotiated
- Negotiating the terms of the agreement
- Reaching a consensus on the terms
- Important terms of an escrow agreement
- Identifying the key terms of the agreement
- Negotiating the terms of the agreement
- Finalizing the important terms
- How to execute and close an escrow agreement
- Executing the escrow agreement
- Finalizing the closing process
- Documenting the completion of the escrow agreement
- Dispute resolution and remedies
- Identifying any potential disputes
- Negotiating the dispute resolution process
- Specifying the remedies available
- Legal implications of an escrow agreement
- Understanding the applicable laws
- Researching the relevant case law
- Identifying the legal implications of the agreement
- Monitoring the escrow agreement
- Establishing a process for monitoring the agreement
- Ensuring compliance with the agreement
- Taking appropriate action when necessary
- Terminating the escrow agreement
- Identifying the circumstances in which the agreement may be terminated
- Negotiating the termination process
- Executing the
Get started
Definition and purpose of an escrow agreement
- Understand what an escrow agreement is: an agreement between three parties, where the first party puts an asset in the control of a third party (escrow agent) to be held until the condition of the agreement is satisfied
- Learn the purpose of an escrow agreement: to ensure that all parties involved in a transaction are satisfied with the terms of the agreement before any assets are released
- Research the types of assets that can be placed in escrow: money, contracts, deeds, stocks, bonds, and other tangible or intangible assets
- You know you can check this off your list and move on to the next step when you have a good understanding of the definition and purpose of an escrow agreement.
Researching the relevant legal frameworks
- Identify the applicable state laws that govern escrow agreements
- Research the statutes, case law, and regulations relating to the laws in your state
- Consult with a legal expert to ensure that the escrow agreement complies with all relevant laws
- Make sure the escrow agreement is in accordance with the requirements of the applicable state laws
- Read up on the latest changes and updates to the law to make sure you’re compliant
When you can check off this step:
- When you have researched the relevant applicable state laws and consulted with a legal expert.
- When you are confident that the escrow agreement is in accordance with the requirements of the applicable state laws.
- When you have read up on the latest changes and updates to the law to make sure you’re compliant.
Understanding the scope of an escrow agreement
- Understand the basics of an escrow agreement and its purpose
- Research and become familiar with the relevant legal frameworks
- Determine the scope of the agreement, including the parties involved, the amount of funds to be held in escrow, and the conditions that must be met for the funds to be released.
- When you are able to understand the scope of the escrow agreement and are familiar with the relevant legal frameworks, you can move on to the next step.
Identifying the purpose of an escrow agreement
- Determine the purpose of the escrow agreement and ensure all parties agree to the terms
- Understand that the escrow agreement is a binding agreement between the parties, and any changes must be agreed to by all involved
- Identify any potential risks to all parties involved in the agreement
- Ensure all parties are aware of the obligations and responsibilities associated with the escrow agreement
- Once all parties have agreed on the purpose and scope of the escrow agreement, you can move on to the next step.
Roles and responsibilities of the parties involved in an escrow agreement
- Understand the roles of the parties in an escrow agreement:
- Escrow Agent: Responsible for holding the escrow funds and ensuring the escrow agreement is followed
- Grantor: The party who deposits their funds into escrow
- Obligee: The party who is to receive the funds from escrow
- Determine the responsibilities of each party involved in the escrow agreement:
- Escrow Agent: Responsible for safeguarding the escrow funds, administering the escrow agreement, and releasing the funds to the obligee when the conditions of the escrow agreement are met
- Grantor: Responsible for depositing the funds into escrow as required and following the terms of the escrow agreement
- Obligee: Responsible for providing evidence to the Escrow Agent that they have met the conditions of the escrow agreement in order to receive the funds
- When you have determined the roles and responsibilities of all parties involved in the escrow agreement, you can move on to the next step.
Identifying the parties to an escrow agreement
- Identify the buyer and seller of the property involved in the escrow agreement
- Determine if a third party is necessary to facilitate the transaction
- Identify the escrow agent, who will hold the funds and any documents related to the escrow agreement
- Ensure that all parties agree to the terms of the escrow agreement
You can check this off your list when all parties have been identified, and all parties have agreed to the terms of the escrow agreement.
Specifying the roles and responsibilities of each party
- Understand the roles of the parties involved in the escrow agreement, including the buyer, the seller, and the escrow agent - this is important to ensure that the terms of the agreement are met.
- Identify the roles and responsibilities of each party, in order to ensure that they understand what they are expected to do and how they should conduct themselves.
- Outline how the parties will handle any disputes that arise and how they will resolve them.
- Make sure that the responsibilities of each party are clearly defined and that all parties understand their respective roles.
Once you have identified the roles and responsibilities of each party and outlined how disputes should be handled, you can check this step off your list and move on to the next step.
How to prepare an escrow agreement
- Research escrow laws in your jurisdiction and make sure you are familiar with all applicable rules and regulations
- Identify and list the parties involved in the escrow agreement and their respective roles
- Agree on the terms of the escrow agreement, including the specific items or services to be exchanged, the payment method, and the timeline
- Outline the duties and responsibilities of each party, including the escrow agent
- Include the details of the escrow agreement in the document and make sure all parties are in agreement
- Have the escrow agreement signed by all parties
When you have completed the above steps, you can move on to the next step of drafting the escrow agreement.
Drafting the escrow agreement
- Gather all relevant information and documents needed to create the escrow agreement
- Draft the agreement, including all relevant information, such as the parties involved, purpose of the escrow, payment details, and any special conditions or provisions
- Have the agreement reviewed and approved by all parties involved
- Once the agreement has been approved by all parties, it is ready to be signed and executed
- You will know that this step is complete when the escrow agreement has been drafted, reviewed, and approved by all parties involved.
Obtaining legal advice
- Consult with a qualified attorney to make sure that the escrow agreement complies with all applicable laws and regulations.
- Ask the attorney to review the document and provide any legal advice or feedback.
- When you are satisfied with the legal advice, you can move on to the final step of finalizing the escrow agreement.
Finalizing the escrow agreement
- Obtain consent from all parties.
- Finalize the escrow agreement by signing and executing the document.
- Have the escrow agreement witnessed and certified if necessary.
- Obtain a copy of the agreement and store it securely.
- You will know when you have completed this step when all parties have signed the agreement and you have a copy of the agreement stored securely.
Negotiating an escrow agreement
- Meet with the other parties involved to discuss and negotiate the terms of the escrow agreement.
- Agree on a price for the property or asset being held in escrow.
- Decide who will be responsible for paying the escrow fees, if any.
- Reach an agreement on the timeline for completing the escrow transaction.
- Determine who will be responsible for providing updates on the escrow transaction.
- Agree on a method of communication between all parties involved.
- Decide who will be responsible for verifying that all conditions of the escrow agreement have been met.
- Come to an agreement on what will happen if any of the conditions of the escrow agreement are not met.
- When all parties have agreed on the terms of the escrow agreement, you can check this step off your list and move on to the next step.
Identifying the terms to be negotiated
- Gather all parties involved in the agreement and clearly explain the purpose of the escrow agreement.
- Discuss the details of the agreement and identify all the terms that need to be negotiated.
- Make a list of the terms that need to be discussed and settled before the agreement can be finalized.
- Make sure everyone involved is clear on the terms and their roles in the agreement.
When you have identified all the terms to be negotiated and each party involved is clear on their roles and responsibilities, you can move on to the next step of the guide.
Negotiating the terms of the agreement
- Determine who is responsible for each party in the agreement
- Consider the payment terms and the delivery terms
- Identify any risks or contingencies that need to be addressed
- Resolve any disputes that may arise about the terms of the agreement
- Negotiate and come to a consensus on all terms of the agreement
- Document the agreed upon terms in a written contract
- Have all parties involved sign the contract
- When all parties have agreed to the terms and signed the contract, you can move on to the next step.
Reaching a consensus on the terms
- Come to an agreement with the other party on the terms of the escrow agreement
- This will involve communicating your expectations to the other party, listening to their concerns, and revising the agreement accordingly
- Make sure all parties are in agreement before moving forward with the escrow agreement
- When you come to a consensus, record the agreed-upon terms clearly and in writing
- You’ll know when you can check this off your list when all parties have agreed to the terms of the escrow agreement and have signed the document.
Important terms of an escrow agreement
- Make sure to include all the basic terms of the agreement such as the escrow amount, the parties involved, the purpose of the escrow, and the timeline for the agreement.
- Make sure to also include any additional terms that the parties have agreed upon, such as how potential disputes will be handled, who will be responsible for the escrow fees and other costs, and the timeline for releasing funds.
- Once all the terms have been agreed upon, you can move on to the next step.
Identifying the key terms of the agreement
- Determine the amount of money to be held in escrow
- Identify the parties involved in the escrow transaction
- Define the purpose of the escrow agreement
- Describe the disbursement of the escrow funds
- Specify the party responsible for managing the escrow funds
- Set out the timeframe for the escrow period
You can check this off your list when you have determined the key terms of the agreement, such as the amount of money to be held in escrow, the parties involved in the transaction, the purpose of the escrow agreement, the disbursement of the funds, the party responsible for managing the funds, and the timeframe for the escrow period.
Negotiating the terms of the agreement
- Schedule a meeting with all relevant parties to discuss and negotiate the terms of the agreement
- Identify and discuss potential conflicts or issues that may arise due to the agreement
- Clearly define the rights and obligations of all parties involved
- Reach a consensus on all the important terms of the agreement
- When all parties agree on the terms and sign the agreement, you can move on to the next step.
Finalizing the important terms
- Ensure that the escrow agreement addresses all the negotiated terms.
- Make sure that all parties agree to the terms and sign off on the agreement.
- Take a copy of the signed agreement for each party’s records.
- When all parties have signed, the escrow agreement is complete and can be submitted for closure.
How to execute and close an escrow agreement
- Have the buyer and seller sign the escrow agreement
- Have the buyer deposit the escrow funds into the escrow account
- Have the seller deliver the goods or services
- Have the buyer accept the goods or services
- Have the escrow agent release the funds to the seller
- Have the escrow agreement closed
- Once all steps have been completed, the escrow agreement is closed and the transaction is complete.
Executing the escrow agreement
- Contact the escrow agent and provide them with the necessary paperwork
- Sign the escrow agreement
- Have the other parties involved in the agreement sign the escrow agreement
- Submit the signed escrow agreement to the escrow agent
- You will know that you can move on to the next step once the escrow agent has received and accepted the signed escrow agreement.
Finalizing the closing process
- Confirm that all parties have signed the escrow agreement
- Ensure that all payments have been received and deposited
- Review the paperwork and make sure the title is properly recorded
- Notify all parties of the completion of the escrow agreement
- Issue a final closing statement
- How you’ll know when you can check this off your list and move on to the next step: When all parties have signed off on the escrow agreement and any payments have been received and deposited, you can move on to the next step of documenting the completion of the escrow agreement.
Documenting the completion of the escrow agreement
- Ensure that all parties are present and that the closing process is completed.
- Obtain the closing documents from the parties and review them for accuracy.
- Have all parties sign the documents and have them notarized if required.
- Obtain the funds from the buyer and transfer them to the escrow agent.
- Have the escrow agent distribute the funds to the seller and confirm that the funds have been received.
- Obtain the deed for the property from the seller and transfer it to the buyer.
- Have the buyer and seller sign a closing statement.
- Have the escrow agent sign the closing statement as well.
- Record the deed with the county recorder’s office.
- Provide copies of the closing documents to all parties.
How you’ll know when you can check this off your list and move on to the next step:
- Once all funds have been received, distributed, and the deed has been recorded, you can proceed to the next step.
Dispute resolution and remedies
- Ensure that the agreement has a dispute resolution clause outlining the steps to be taken in the event of a dispute
- Discuss with both parties what kind of dispute resolution they are comfortable with, such as arbitration or mediation
- If arbitration is chosen, identify the state or country’s laws that will govern the contract
- Determine the consequences of a breach of contract and how you will enforce the contract’s terms
- Draft the dispute resolution clause and ensure that it is clearly stated in the agreement
- When both parties have agreed on the dispute resolution clause, the clause can be signed and the escrow agreement is complete
You will know when you can check this off your list and move on to the next step when both parties have agreed on the dispute resolution clause, and it has been signed and included in the escrow agreement.
Identifying any potential disputes
- Review the agreement and identify any potential disputes that may arise in the future
- Contact the other parties involved in the agreement and discuss any areas of the agreement that could potentially lead to a dispute
- Make necessary modifications to the agreement to address any potential disputes
- Confirm revisions with all parties involved in the agreement
- Once all potential disputes have been identified and addressed, you can move on to the next step of negotiating the dispute resolution process.
Negotiating the dispute resolution process
- Determine what type of dispute resolution process is appropriate for the particular escrow agreement
- Select a dispute resolution process such as arbitration, mediation, or litigation
- Specify the rules and procedures to be followed in the dispute resolution process
- Outline the consequences for a party’s failure to comply with the dispute resolution process
- Consider the costs associated with the dispute resolution process and plan for them
- When you have negotiated the dispute resolution process, check it off your list and move on to the next step.
Specifying the remedies available
- Decide on the remedies available for each party in the case of a breach of the escrow agreement.
- Discuss which party will be responsible for following through with the remedies.
- Draft a document specifying the remedies available for each party in the event of a breach of the escrow agreement.
- When the document is agreed upon by both parties, the step is complete and you can move on to the next step.
Legal implications of an escrow agreement
- Understand the applicable laws and regulations governing the escrow agreement in your jurisdiction, including the Uniform Commercial Code
- Review any existing case law or precedents to understand how the courts interpret the escrow agreement
- Understand the potential legal implications of entering into an escrow agreement, both for the parties involved and any third parties
- Seek legal advice to ensure that the escrow agreement is legally binding and enforceable
- When you are satisfied that you understand the legal implications of the agreement, you can check this step off your list and move on to the next step.
Understanding the applicable laws
- Identify the relevant laws in the jurisdiction of the agreement
- Research the applicable laws that govern escrow agreements
- Familiarize yourself with the statutory language related to escrow agreements
- Determine if there are any local, state or federal laws that apply
- Consult an attorney if necessary to ensure compliance with all applicable laws
You’ll know when you can check this off your list and move on to the next step when you have identified the relevant laws, researched the applicable laws that govern escrow agreements, familiarized yourself with the statutory language related to escrow agreements, determined if there are any local, state or federal laws that apply, and consulted an attorney if necessary to ensure compliance with all applicable laws.
Researching the relevant case law
- Research legal databases and case law to identify any applicable cases that may be relevant to the Escrow Agreement
- Gather relevant documents from the courts and other legal sources
- Read and analyze the applicable cases to identify any potential legal issues and implications that may affect the agreement
- Make note of any case law that could be useful in negotiating the terms of the agreement
- When you are sure that you have gathered all of the relevant case law and considered the potential legal implications, you can move on to the next step.
Identifying the legal implications of the agreement
- Research the applicable laws and regulations related to the escrow agreement in your jurisdiction
- Understand the tax implications of the escrow agreement, including any potential withholding taxes
- Understand the rights and responsibilities of each party in the escrow agreement
- Identify any potential risks associated with the escrow agreement
- Understand the process and timeline for dispute resolution
- Ensure that all parties are in agreement with the terms of the escrow agreement
- When you have identified all legal implications, the step is complete and you can proceed to monitoring the escrow agreement.
Monitoring the escrow agreement
- Set up a timeline for when escrow funds should be released.
- Establish a process for tracking the escrow account, including who will be responsible for monitoring it and how any changes will be recorded and reported.
- Set up a system to alert the parties when the account balance changes or when the money is released.
- Establish criteria for when the escrow agreement should be reviewed and updated.
- When all of the criteria is met, you can check off this item in your step-by-step guide and move on to the next step: Establishing a process for monitoring the agreement.
Establishing a process for monitoring the agreement
- Set up an internal process to review the escrow agreement and any related documentation regularly
- Set up a timeline to review the agreement (e.g. annually, quarterly, etc.)
- Ensure all parties involved are aware of the timeline and process for monitoring the agreement
- Establish a process for updating the agreement as needed
- When the process and timeline are set up, you can move on to the next step of ensuring compliance with the agreement.
Ensuring compliance with the agreement
- Review the agreement regularly to ensure that all parties are meeting their obligations.
- Make sure that all relevant documents are kept up-to-date and all parties are aware of any changes to the agreement.
- Monitor the progress of the transaction and ensure that all parties are adhering to the timeline and any other deadlines outlined in the agreement.
- If necessary, take appropriate action to enforce the terms of the agreement, such as issuing a warning or taking legal action.
- When all obligations under the agreement have been fulfilled, close out the escrow agreement.
You’ll know you can check this step off your list when you have reviewed the agreement regularly, monitored the progress of the transaction and taken appropriate action to enforce the terms of the agreement as necessary.
Taking appropriate action when necessary
- Monitor the performance of the escrow agreement to ensure compliance with all terms and conditions.
- Remind the parties of their obligations and take action if they are not adhered to.
- Consult legal counsel as necessary to ensure that parties are meeting their obligations and to ensure the agreement is enforced.
- Provide any necessary documents or information requested by the parties.
- When appropriate action is taken, update records and make necessary changes to the agreement.
- When all parties have complied with the terms of the agreement, you can check this step off your list and move on to the next step.
Terminating the escrow agreement
- Read through the escrow agreement to determine the circumstances under which it can be terminated.
- Ensure that all parties involved in the escrow agreement are aware of the conditions of termination.
- Draft a termination agreement which outlines the conditions of the termination, signed by all parties involved.
- Make sure that all parties involved in the escrow agreement understand the terms of the termination agreement.
- File the termination agreement in the appropriate records.
- You will know that you are done with this step when the termination agreement is filed and all parties involved are aware of the conditions of termination.
Identifying the circumstances in which the agreement may be terminated
- Outline all the circumstances that would cause the agreement to end, such as if the buyer fails to make payments
- Make sure to include any special circumstances that could lead to termination, such as if the buyer breaches the agreement
- Specify how much notice is required for a termination
- Have both parties sign the agreement to make it official
- Once all the termination circumstances have been identified, the agreement can be considered complete and ready to move on to the next step.
Negotiating the termination process
-Discuss the termination process with the other parties to the agreement, including the timing and terms of termination, and any potential consequences of termination.
-Identify any potential notice requirements that may exist, and ensure these are included in the agreement.
-Ensure that all parties agree to the terms of the termination process, and that these are included in the agreement.
-Once all parties agree on the termination process, this step is complete.
Executing the
- Review the agreement to ensure that all the terms and conditions are accurately reflected
- Have both parties sign the agreement
- Obtain a copy of the signed agreement for both parties
- Make sure that the amount of money specified in the agreement is transferred to the escrow account
- Once all the conditions of the agreement have been met, the escrow agent will release the funds to the appropriate party
- Once the funds have been transferred, the escrow agreement will be considered to be completed
- Make sure to keep a copy of the agreement for record-keeping purposes
FAQ
Q: How does an escrow agreement work for SaaS companies?
Asked by Brian on April 13th 2022.
A: An escrow agreement for SaaS companies typically involves the customer paying a fee upfront to a third party, or ‘escrow agent’, who holds the money until the product or service has been delivered. This ensures that the customer’s payment is secure and that the supplier is paid in full for their services. The agreement will also outline any other terms and conditions, such as timelines for delivery, dispute resolution and payment schedules.
Q: Is an escrow agreement legally binding in the UK?
Asked by Emily on March 15th 2022.
A: Yes, an escrow agreement is legally binding in the UK. The agreement must be in writing and signed by both parties to be enforceable in court. It should also clearly set out the rights and obligations of both parties and provide details of how any disputes will be resolved. It is recommended that both parties take independent legal advice before entering into an escrow agreement to ensure they are fully aware of their rights and obligations under the agreement.
Q: What happens if a dispute arises during an escrow period?
Asked by Tyler on November 14th 2022.
A: If a dispute arises during an escrow period, it is important that both parties take steps to resolve it as quickly as possible. The escrow agreement should include a clause outlining how disputes will be resolved, such as through negotiation, mediation or arbitration. If no resolution can be reached between the two parties, then either party can initiate legal proceedings to resolve the dispute in court.
Q: What information should be included in an escrow agreement?
Asked by Madison on June 7th 2022.
A: An escrow agreement should include all relevant details such as the full names of both parties, contact information, a detailed description of the goods or services being provided, any agreed payment terms (including outline of when payments are due), timelines for delivery of goods or services and details of how any disputes will be resolved. It should also include any other relevant information such as warranties or insurance coverages.
Q: What is an escrow deposit?
Asked by Matthew on August 11th 2022.
A: An escrow deposit is an amount of money paid upfront to a third party (the ‘escrow agent’) by either the buyer or seller (or both). This money is held by the escrow agent until certain conditions have been met - such as delivery of goods or services - at which point it is released to either party in accordance with the terms of the escrow agreement. The amount held in escrow can vary from case to case but typically covers all costs associated with shipping, taxes and other fees related to the transaction.
Q: Can I use an escrow service for international transactions?
Asked by Elizabeth on May 25th 2022.
A: Yes, you can use an escrow service for international transactions provided that you are doing business with a reputable and reliable provider who understands your requirements and can comply with applicable laws and regulations in both countries involved in the transaction. It is important to ensure that you have all necessary documents and paperwork relating to ownership, taxes and shipping in place before entering into any international transaction involving an escrow service.
Q: Are there any special considerations when using an escrow service for technology companies?
Asked by Mark on July 3rd 2022.
A: Yes, there are a few special considerations when using an escrow service for technology companies which should be taken into account before entering into any agreement. Firstly, it is important to ensure that all relevant intellectual property rights are properly protected throughout the transaction process - especially with regard to software or code which may be part of the transaction. Secondly, technology companies often have unique requirements which may not be covered by standard escrow agreements - so it is important to ensure that these are addressed before entering into any arrangement with an escrow service provider. Finally, it is important to make sure that any payment terms are clearly outlined from the outset and understood by both parties - so there are no surprises later on down the line!
Example dispute
Possible Lawsuits referencing Escrow Agreement
- The plaintiff may raise a lawsuit against the defendant if they breach an escrow agreement by failing to provide funds or other assets as agreed upon in the contract.
- The plaintiff could also sue if the defendant misuses the funds or assets that were placed in escrow, such as investing the funds without the plaintiff’s knowledge or consent.
- The plaintiff may also sue if the defendant fails to release the funds or assets in a timely manner.
- The plaintiff may be able to win the lawsuit by demonstrating that they were harmed by the defendant’s breach of the escrow agreement.
- If damages are awarded, they may be calculated based on the value of the lost or misused funds or assets, as well as any other costs incurred by the plaintiff as a result of the breach.
- Settlement may be reached between the parties, or the court may order a monetary award to the plaintiff.
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