Tennessee User oriented Source Code Escrow Agreement
Description
How to fill out User Oriented Source Code Escrow Agreement?
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FAQ
Release Conditions: Details the specific circumstances under which the escrow agent may release the deposited materials to the beneficiary, such as bankruptcy, failure to meet support obligations, or a predetermined trigger event.
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.
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.
Under the Software Escrow Agreement, the supplier periodically deposits a copy of the software source code and associated materials for secure storage within NCC Group's secure physical or virtual vaults, ensuring that the material can be accessed and released should the need arise.
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.
The objective of a source code escrow agreement is to provide comfort to the beneficiary that if the software developer is unable or unwilling to support the software, the source code and other critical components such as databases, deployment scripts, and documentation can be released to them.
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.
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.