Richard of Wallingford no relation Foliot
The earliest description of an escapement, in Richard of Wallingford's 1327 manuscript Tractatus Horologii Astronomici on the clock he built at the Abbey of St. Albans, was not a verge, but a variation called a 'strob' escapement.  It consisted of a pair of escape wheels on the same axle, with alternating radial teeth.  The verge rod was suspended between them, with a short crosspiece that rotated first in one direction and then the other as the staggered teeth pushed past.  Although no other example is known, it is possible that this design preceded the more usual verge in clocks.For the first two hundred years or so of the mechanical clock's existence, the verge, with foliot or balance wheel, was the only escapement used in mechanical clocks. In the sixteenth century alternative escapements started to appear, but the verge remained the most used escapement for 350 years until mid-17th century advances in mechanics, resulted in the adoption of the pendulum, and later the anchor escapement.
  
Since clocks were valuable, after the invention of the pendulum many verge clocks were rebuilt to use this more accurate timekeeping technology, so very few of the early verge and foliot clocks have survived unaltered to the present day.
How accurate the first verge and foliot clocks were is debatable, with estimates of one to two hours error per day being mentioned, although modern experiments with clocks of this construction show accuracies of minutes per day were achievable with enough care in design and maintenance.  Early verge clocks were probably no more accurate than the previous water clocks, but they did not require water to be manually hauled to fill the reservoir, did not freeze in winter, and were a more promising technology for innovation.  By the mid-17th century, when the pendulum replaced the foliot, the best verge and foliot clocks had achieved an accuracy of 15 minutes per day.
no relation