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.
Oh, absolutely! It's a smart move for tech businesses to protect their investments and ensure continuity in their operations.
In a dispute, the escrow agent, like a neutral referee, reviews the situation and decides the best course of action according to the agreement.
You sure can! Once the code is in your hands, it's yours to tinker with. Just make sure you understand the licensing terms.
If certain conditions are met, like the software provider going belly up, the agreed-upon code is released to you, like getting the key to your safety box.
If your company relies on specific software, having an escrow agreement ensures you won't be left high and dry if the developer can't deliver or goes out of business.
It's like a safety deposit box for software source code. It ensures that if something goes wrong with a software provider, the code is protected and can be accessed.