This form is a Source Code Escrow Agreement. The form provides that as compensation for the services to be performed by the escrow agent, the licensee will pay the escrow agent a certain fee which is due at the time of execution of the agreement. The document also provides that neither the escrow agreement, nor any rights, liabilities or obligations may be assigned by the escrow agent without the prior written consent of the licensee and the licensor.
California Source Code Escrow Agreement
Category:
State:
Multi-State
Control #:
US-KWP-0032
Format:
Word;
Rich Text
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How to fill out Source Code Escrow Agreement?
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FAQ
An escrow agreement is a contract that outlines the terms and conditions between parties involved, and the responsibility of each. Escrow agreements generally involve an independent third party, called an escrow agent, who holds an asset of value until the specified conditions of the contract are met.
A source code escrow agreement typically instructs the agent to release the source code to the licensee if and when a specified event occurs, such as the licensor becoming insolvent or defaulting on its maintenance obligations under the principal license agreement.
Technology escrow is a service that mitigates the risk of technology acquisition. With an escrow contract, software source code or other IP from the developer is placed in a secure escrow account held by an escrow agenta trusted independent third party.
The objective of a software escrow agreement is to provide comfort to the end user that if the software developer is unable or unwilling to support the software, the code can be released to them. The agreement outlines the responsibilities of all the parties and includes the pre-defined release conditions.
Types of Escrows for SaaS SystemsMany SaaS licensees still request source-code-only escrow, but this comes with some drawbacks. With a SaaS product, you need all the codes and information for it to work properly, so a source-code-only escrow won't do much if the vendor stops supporting or offering the product.
A source code escrow agreement typically instructs the agent to release the source code to the licensee if and when a specified event occurs, such as the licensor becoming insolvent or defaulting on its maintenance obligations under the principal license agreement.
As an indicator, a Single Beneficiary Software Escrow Agreement for source code including unlimited deposits from Git repos such as GitHub, Bitbucket or GitLab would cost $1,895 / £1,395 per year.
Verification services to ensure that the source code can be built into a working application would typically be requested by the beneficiary. As such, the fees associated with these services would be paid for by the beneficiary.
The process is simple:1) Execute an escrow agreement with a reputable software escrow agent.2) Delivery of source code and other materials to the escrow agent.3) Source code is securely held awaiting release conditions to occur.4) The escrow is updated as the software product evolves.More items...