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.
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Interesting Questions
Yes, as long as you select a reputable escrow agent with a solid track record. It’s like finding a trustworthy friend to look after your prized possessions.
Absolutely! Just like a tailor-made suit, Source Code Escrow Agreements can be tailored to meet the specific needs and requirements of both the developer and the licensee.
If a developer goes belly up, the licensee may be able to release the source code from escrow, ensuring they can still use and maintain the software.
In simple terms, the developer puts their source code into escrow, and the escrow agent locks it up safely. If the pre-agreed conditions are met, the licensee can access the code.
Businesses often opt for a Source Code Escrow Agreement to protect themselves from risks. If the developer can’t support the software anymore, the business can access the code to keep things running smoothly.
Typically, a Source Code Escrow Agreement involves three parties: the software developer, the licensee (the user), and the escrow agent, who holds onto the source code as a safeguard.
A Source Code Escrow Agreement is a safety net for software users and developers in Kansas City. It ensures that the source code of a software application is kept with a neutral third party, just in case the developer runs into trouble or goes out of business.