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, once you have access to the source code, you can modify it as needed. Just be sure to follow any licensing agreements in place—think of it like a recipe, you can tweak it, but use the right ingredients!
The escrow agent is like the referee in a game. They make sure that the source code is stored safely and that the rules for releasing it are followed, keeping everything above board!
The duration can vary, but they often last as long as the software is in use or until the agreed-upon release conditions are met. It’s a bit like a marriage — sometimes it’s for life, sometimes just a few years!
Conditions can vary, but typically include situations like the vendor's bankruptcy, termination of the software development contract, or the vendor failing to provide support.
Typically, it involves the software vendor, the licensee who uses the software, and an escrow agent who manages the safe-keeping of the source code.
You might want one to protect your investment in software. If your vendor goes belly up, you’ll have access to the source code, ensuring your system keeps running smoothly.
A Source Code Escrow Agreement is a legal deal where software source code is kept safe by a neutral party until certain conditions are met. It's like having a safety deposit box for your code!