New Jersey User oriented Source Code Escrow Agreement
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How to fill out User Oriented Source Code Escrow Agreement?
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FAQ
A Software Escrow Arrangement is an agreement that protects both parties in a License Agreement. Its purpose is to provide a Licensee with access to a Software Vendor's source code in the event that a specific release event agreed upon by the Parties occurs.
The objective of source code escrow is to ensure continued availability of software support and maintenance.
A source code escrow (or software escrow) works by the supplier (the software developer) depositing the source code (and documentation on how to use it) with a trusted third party (the source code escrow agent).
The escrow agreement will provide the conditions under which you will receive a copy of the source code. The most common release conditions are (1) the software vendor ceases business or goes bankrupt and (2) the software vendor ceases to provide support and maintenance services.
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.
A source code escrow (or software escrow) works by the supplier (the software developer) depositing the source code (and documentation on how to use it) with a trusted third party (the source code escrow agent).
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.
In essence, the source code escrow functions as an insurance policy for the client. Once the code is released to the client, they can use it as needed and maintain it without the supplier's involvement if such terms were agreed upon in the license.
When it comes down to who should pay for the source code escrow agreement, there is no definitive answer. However, there are certain cases depending on the situation where the source code escrow fees may be borne solely by the software developer, the beneficiary, or even split equally between both parties.