Salt Lake Utah Vendor Oriented Source Code Escrow Agreement

State:
Multi-State
County:
Salt Lake
Control #:
US-CP0719-AM
Format:
Word; 
Rich Text
Instant download

Description

This sample form, a detailed Vendor Oriented Source Code Escrow Agreement document, is for use in the computer, internet and/or software industries. Adapt to fit your circumstances. Available in Word format.
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FAQ

The source code of an escrow account refers to the actual code developed for a software application that is stored within an escrow agreement. This ensures that if the vendor cannot fulfill their obligations, the client can access the source code to maintain the software. A Salt Lake Utah Vendor Oriented Source Code Escrow Agreement ensures that both parties are protected and can confidently manage their relationship.

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.

Types of Escrows for SaaS Systems Many SaaS licensees still request source-code-only escrow, but this comes with some drawbacks. With a SaaS product, you need all the codes and information for it to work properly, so a source-code-only escrow won't do much if the vendor stops supporting or offering the product.

Why do I need a Software Escrow Agreement? For End Users of business-critical applications, a Software Escrow Agreement protects you against the developer of your business-critical applications no longer being able to support their applications.

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.

A SaaS Escrow Agreement is a simple tri-party arrangement with mutually agreed terms between the SaaS vendor, customer and NCC Group. Under the terms of the Agreement, the vendor deposits the materials required to access, restore or rebuild your SaaS application and unique data into NCC Group's secure virtual vault.

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.

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.

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.

Escrow is a payment setup where the payer sends funds to a third party rather than directly to the payee. If certain conditions are met, the third party routes the funds to the recipient; if not, the funds get returned to the sender.

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Salt Lake Utah Vendor Oriented Source Code Escrow Agreement