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.
Santa Clara California Source Code Escrow Agreement
Category:
State:
Multi-State
County:
Santa Clara
Control #:
US-KWP-0032
Format:
Word;
Rich Text
Instant download
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How to fill out Santa Clara California Source Code Escrow Agreement?
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FAQ
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.
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.
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.
To create a valid escrow for a real estate sale, two requirements must be met: a binding contract and conditional delivery of the necessary documents and funds.
Source code escrow is the deposit of the source code of software with a third-party escrow agent. Escrow is typically requested by a party licensing software (the licensee), to ensure maintenance of the software instead of abandonment or orphaning.
Under an Escrow Agreement NCC Group securely holds source code, data, hosted Cloud environments, or Cloud environment access credentials, ensuring this material can be accessed by the licensee if Software Escrow release conditions200b are met.
A legal arrangement in which an asset (such as cash or stock) is deposited into an escrow account under the trust of a third party (the escrow agent) until satisfaction of a contractual contingency or condition.
A source code escrow agreement typically instructs the agent to release the source code to the licensee if and when a specified event occurs, such as the licensor becoming insolvent or defaulting on its maintenance obligations under the principal license agreement.
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.
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