Kentucky Vendor Oriented Source Code Escrow Agreement
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How to fill out Vendor Oriented Source Code Escrow Agreement?
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FAQ
Necessity of escrow As a solution to this conflict of interest, source code escrow ensures that the licensee obtains access to the source code only when the maintenance of the software cannot otherwise be assured, as defined in contractually agreed-upon conditions.
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.
Software Escrow Agreements permit an independent specialist to hold and test a copy of your applications source code to make sure it is accurate, complete and can be compiled independently in the event of vendor failure.
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.
Source code escrow is the deposit of the source code of software 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.
In most cases, source code has been escrowed because customers are licensing software from a vendor that is providing technology and expertise that the customer does not possess internally.
Depending on the situation, the software escrow fees may be borne solely by the developer, the beneficiary, or even split equally between both parties. During the negotiation of the software license agreement, a clause for the inclusion of a software escrow agreement is often included.
Source code escrow is a type of "middleman agreement" between software providers and customers to ensure that software applications and platforms are maintained regardless of any changes that may happen to the vendor. It involves the vendor sharing the source code with an escrow agent.
A software escrow is a service that helps protect all parties involved in a software license by having a neutral 3rd party escrow agent hold source code, data, and documentation until a mutually-agreed-upon event occurs.