Escrow is, by definition, where one party to an agreement deposits goods or money with an independent trusted third party, known as an escrow agent, who holds them until the terms of an escrow agreement have been performed.
We are experienced escrow solicitors and the areas we cover include:
Escrow is increasingly being used in the IT sector in developer/client relationships. If your business depends on an asset you do not own or control - such as a software package or eCommerce solution - escrow is a way of ensuring that you have a means of obtaining vital material - source code, software, data etc - under certain circumstances laid out in an escrow agreement. These circumstances would mean anything that risks the performance of the asset in question, such as the developer going bankrupt or failing to maintain software as promised in the agreement. If you are a developer, escrow allows you to provide your client with peace of mind whilst maintaining the secrecy and security of the assets in question.
We have wide experience of drafting escrow agreements and our clients include leading software providers and household brands. We can draw up an escrow agreement that will protect your interests whilst satisfying both parties, enabling a mutually beneficial situation. We can also advise you on the terms of escrow agreements drafted by others and negotiate on your behalf, and act as an escrow agent by storing material.
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