The North Carolina Master Escrow Source Code Master Agreement is a legal document that outlines the terms and conditions for the escrow of source code within the state of North Carolina. This agreement is commonly used in software development projects to ensure that the source code, which serves as the backbone of a software application, is safely stored and accessible to all relevant parties involved. The North Carolina Master Escrow Source Code Master Agreement defines the obligations and responsibilities of the escrow agent, the licensor, and the licensee. The escrow agent is a neutral third party responsible for safeguarding the source code and releasing it under specified circumstances. The licensor is the party who owns the source code and typically enters into the agreement to provide access to it under certain conditions. The licensee is the party that is granted access to the source code and relies on it for ongoing operational needs. There are different types of North Carolina Master Escrow Source Code Master Agreements, which may vary based on the specific needs of the parties involved. Some common types include: 1. Single Licensor — Single Licensee Agreement: This type of agreement is used when there is only one licensor and one licensee involved in the escrow arrangement. It is typically employed in smaller software development projects where the source code is licensed to a single entity. 2. Multiple Licensors — Single Licensee Agreement: In this scenario, there are multiple licensors but only one licensee. This agreement is often used when different parties contribute to the development of the source code, and it is licensed to a single entity for use. 3. Single Licensor — Multiple Licensees Agreement: This agreement involves a single licensor who grants access to the source code to multiple licensees. It is commonly utilized when the source code is licensed to multiple entities for various purposes. 4. Multiple Licensors — Multiple Licensees Agreement: This type of agreement is used when there are multiple licensors and multiple licensees involved in the escrow arrangement. It is frequently employed in complex software development projects that involve multiple parties with diverse interests in the source code. These different types of North Carolina Master Escrow Source Code Master Agreements cater to various scenarios and ensure that the rights and responsibilities of all parties involved are clearly defined. They offer a legal framework to protect the interests of both licensors and licensees in the event of unforeseen circumstances, such as the licensor's bankruptcy or failure to maintain the software.
North Carolina Master Escrow Source Code Master Agreement
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How to fill out Master Escrow Source Code Master Agreement?
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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 a specialized software protection solution designed to store the source code of a critical software application, ensuring access in case the software's maintenance cannot otherwise be assured, as defined in 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.
A thorough escrow agreement will list out the information that should be included in JWI or any instructions, such as the amount to be released, the party to whom the funds should be delivered, payment instructions and tax characterizations, or alternatively attach an instructions template to the escrow agreement.
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.
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.
The escrow deposit, therefore, comprises cash and/or documents. The escrow account that will hold the cash and/or documents will be covered by an escrow agreement which will specify the conditions to be fulfilled prior to the release of the cash to the seller and the document of ownership to the buyer.
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.