| Commentary

126.2 Release

| Commentary

126.2 Release

The retention account will typically be either in the joint names of the sellers and the buyer or, more commonly, in the joint names of their respective solicitors. Where the account is in the joint names of solicitors, the criteria for release of the retention should be objectively defined; instructions and the status of the funds should be unambiguous1. The sellers will also wish to ensure that the share sale agreement contains specific provisions for the release of the retention. For instance, there should be a longstop payment date on which the retention must be released,

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