Certify Digital Signature Escrow Agreement Template For Free - Escrow Template

"In escrow" is a type of legal holding account for items, which can't be released until predetermined conditions are satisfied. Typically, items are held in escrow until the process involving a financial transaction has been completed.

This agreement ensures that the software's source code, along with any relevant documentation, is securely deposited with the escrow agent. In the event of specific predefined circumstances, the source code is released to the licensee, granting them access to the software's inner workings.

As an indicator, a Single Beneficiary Software Escrow Agreement for source code including unlimited deposits from Git repos such as GitHub, Bitbucket or GitLab would cost $1,895 / £1,395 per year.

When it comes down to who should pay for the source code escrow agreement, there is no definitive answer. However, there are certain cases depending on the situation where the source code escrow fees may be borne solely by the software developer, the beneficiary, or even split equally between both parties.

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.

The escrow agreement is a contract entered by two or more parties under which an escrow agent is appointed to hold in escrow certain assets, documents, and/or money deposited by such parties until a contractual condition is fulfilled.

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.