Law360, London: Lloyd’s of London (Lloyd’s) said on 31 March 2021 that its members paid out £6.2bn to policyholders in 2020 from claims linked to the coronavirus (COVID-19) pandemic, as the market’s losses were further compounded by natural catastrophes and Brexit.
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This Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions typically found in an escrow
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