Technology Escrow
ITS ALL ABOUT BUSINESS CONTINUITY
In the event that a technology vendor fails to provide services as agreed, an Escrow Agreement will allow a technology user access to the technology vendors’ knowhow (e.i. source code and documentation), that will assure business continuity to the user’s crucial software.
When a technology user wants to protect unforeseen risks of the software vendor, the deposit of the software source code in escrow is an effective solution. The technology user can access the source code to provide business continuity to this crucial software.
Key features OF ESCROW AGREEMENTS
Professional technical verification and reporting
Active follow up for updates and new versions
Comprehensive
tailored escrow agreements
Annual reporting
of deposit activity
What is technology escrow?
Technology escrow is the deposit of the knowhow (ie source code) of a technology product with a third-party escrow agent. Escrow is typically requested by a party licensing software (the licensee), to ensure maintenance of the software instead of abandonment or orphaning. The software’s source code is released to the licensee if the licensor files for bankruptcy or otherwise fails to maintain and update the software as promised in the software license agreement.
