Technology users / beneficiaries of an Escrow contract

As a licensee, you trust your supplier to provide support and maintenance for your applications. This dependence represents a significant risk, particularly where business-critical applications are concerned. As Trusted Third Party, we can help you to eliminate these risks.

In the current economic climate, companies are more vulnerable. Even established ICT firms can suddenly run into problems resulting from unforeseen causes such as mergers or accounting scandals.

If you use software and applications for important business processes, then security and continuity are of prime importance, even if the supplier is no longer able to fulfil his obligations.

In that case, an escrow agreement can offer a solution. The supplier deposits the source code and the accompanying documentation in a deposit with an escrow agent. In situations defined in the contract, for example bankruptcy or inability/failure to fulfil maintenance commitments, you as a user can request that the escrow agent release the deposit.

Thanks to the technical know-how of Escrow Europe we can verify the deposited materials at various levels, from simple to very detailed. It is of vital importance that an escrow deposit remains up-to-date, which is why we initiate active tracking of updates and based on the expected release policy. As soon as you start to use a new version, the deposit should be updated.

Our in house lawyers can advise you quickly and adequately on any changes you wish to make in the Escrow agreement.

For more information click here