This form is a Source Code Escrow Agreement. The form provides that as compensation for the services to be performed by the escrow agent, the licensee will pay the escrow agent a certain fee which is due at the time of execution of the agreement. The document also provides that neither the escrow agreement, nor any rights, liabilities or obligations may be assigned by the escrow agent without the prior written consent of the licensee and the licensor.
Contra Costa California Source Code Escrow Agreement
Category:
State:
Multi-State
County:
Contra Costa
Control #:
US-KWP-0032
Format:
Word;
Rich Text
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FAQ
A source code escrow agreement is a contract that ensures that a copy of the source code for software is held in trust by a third party. This arrangement protects all parties involved by allowing access to the source code under certain conditions, such as the vendor's failure to maintain the software. This can be a key component when negotiating a Contra Costa California Source Code Escrow Agreement.
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.
Why do I need a Software Escrow Agreement? For End Users of business-critical applications, a Software Escrow Agreement protects you against the developer of your business-critical applications no longer being able to support their applications.
"In escrow" is a type of legal holding account for items, which can't be released until predetermined conditions are satisfied. Typically, items are held in escrow until the process involving a financial transaction has been completed. Valuables held in escrow can include real estate, money, stocks, and securities.
An escrow is a financial agreement in which a third party controls payments between two parties and only releases the funds involved once a contract's terms are met. This third party temporarily holds money, paperwork, or other assets for a transaction on their behalf.
The escrow agreement generally includes, but is not limited to, information about the escrow agent's identity, the funds in escrow, and the acceptable use of funds by the agentfeff.
Most escrow agreements are put into place when one party wants to make sure the other party meets certain conditions or obligations before it moves forward with a deal. For instance, a seller may set up an escrow agreement to ensure a potential homebuyer can secure financing before the sale goes through.
An escrow agreement refers to a contract that outlines the terms and conditions of a transaction for something of value such as a bond, deed, or asset which is held by a third party until all conditions have been met.