Utilizing Escrow Arrangements in Commercial Transactions

Assume the role of a legal consultant and draft a comprehensive outline for establishing an escrow arrangement in a commercial transaction. Include key components such as objective of the escrow, roles and responsibilities of each party, conditions for release of funds or assets, timeline, and dispute resolution mechanisms. Additionally, provide example clauses and explain their importance in enhancing trust and security between parties. Ensure clarity and compliance with standard legal practices while tailoring the recommendations for a transaction between [Party A] and [Party B].