North Carolina User oriented Source Code Escrow Agreement
Description
How to fill out User Oriented Source Code Escrow Agreement?
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FAQ
The objective of a source code escrow agreement is to provide comfort to the beneficiary that if the software developer is unable or unwilling to support the software, the source code and other critical components such as databases, deployment scripts, and documentation can be released to them.
The service provided by the escrow agent ? generally a business dedicated to that purpose and independent from either party ? consists principally in taking custody of the source code from the licensor and releasing it to the licensee only if the conditions specified in the escrow agreement are met.
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.
Source Code Escrow Verification services to ensure that the deposited source code can be built into a working application would typically be requested by the beneficiary. As such, the fees associated with these services would be paid for by the beneficiary.
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 will provide the conditions under which you will receive a copy of the source code. The most common release conditions are (1) the software vendor ceases business or goes bankrupt and (2) the software vendor ceases to provide support and maintenance services.
Release Conditions: Details the specific circumstances under which the escrow agent may release the deposited materials to the beneficiary, such as bankruptcy, failure to meet support obligations, or a predetermined trigger event.