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
Absolutely! You can personalize the terms to suit your specific needs. It’s your deal, after all, so make sure it covers all your bases!
You want an escrow agent that is reputable and has experience handling software agreements. Look for someone trustworthy—like a secret keeper for your valuable code!
The source code can be released under specific conditions, such as if the vendor goes out of business, breaches the contract, or fails to maintain the software. It’s like having a rainy-day fund for your tech needs!
The process is pretty straightforward: the vendor deposits the source code with the escrow agent, and both parties agree on the terms under which the code can be released. It’s like having a safety net for your piece of software.
Typically, the parties involved are the software vendor, the end-user (like your business), and the escrow agent who holds the code. It’s a small club with big stakes!
In Saint Paul, having a Source Code Escrow is crucial as it helps businesses safeguard their intellectual property and ensures that they won’t be left in the lurch if their software vendor fails to deliver.
A Source Code Escrow Agreement is a contract that protects your software by storing its source code with a neutral third party. If the software vendor goes belly up or breaches the agreement, you can access that code to keep your operations running smoothly.