Virginia Escrow Agreement for Bulk Sale Pursuant to the Uniform Commercial Code
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How to fill out Escrow Agreement For Bulk Sale Pursuant To The Uniform Commercial Code?
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FAQ
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 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.
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.
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.
The uniform Commercial Code of California requires that all monies in a bulk sale, including sales price and inventory of stock in trade, must pass through escrow and requires that no funds are released to the seller prior to the close of escrow.
Source code escrow agreements provide for the following: They specify the subject and scope of the escrow. This is generally the source code of a specific software, accompanied by everything that the licensee requires to independently maintain the software, such as documentation, software tools or specialized hardware.
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.
Virginia, for instance, limits the application of its bulk sales laws to a business engaged in the sale of its ?inventory,? which is defined as ?goods, other than farm products, which are leased by a person as lessor; are held by a person for sale or lease or to be furnished under a contract of service; are furnished ...