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.
The duration can vary, but it usually lasts as long as the software is in use or as specified in the terms of the agreement. It's like setting a timer on your peace of mind.
Yes, once you have access to the source code through the escrow, it’s yours to modify, adapt, or use however you need.
Absolutely! An escrow agreement adds an extra layer of security, ensuring you won’t be left high and dry if a problem arises with the developer.
The source code is typically released under specific conditions laid out in the agreement, such as the developer going bankrupt or failing to meet their support obligations.
A neutral third-party company handles the escrow process, ensuring everything is above board and that both parties follow the terms of the agreement.
It's like having a safety net. If your software provider disappears or can’t support you, the escrow helps you protect your investment by giving you access to the source code.
A Source Code Escrow Agreement is a legal arrangement where a software developer deposits their source code with a third party. This ensures that if something goes south with the developer, like going out of business, the client can access the source code and keep their software running.