Why we love escrow
Written by on 04 April 2013« Return to Reading Room
As a firm of solicitors we are trained on all aspects of escrow agreements. In essence the bog standard escrow agreement is one between a licensee of the software ie customer and a Licensor ie the owner or seller of the software and of course Lawdit as an agent, the third party, or 'piggy in the middle'.
Crucially the source code is held by us as a firm of solicitors and stored safely with our bank. To put this in place we need to be appointed by both parties and an agreement will be then drawn up and drafted to reflect our appointment.
What triggers if any are to be used if there is an issue?
Two main issues.
1. The Licensor fails to adhere to its maintenance and support.
2. The Licensor goes in to liquidation.
Just imagine losing your code. It could have been so easily avoided by using escrow. So use Lawdit, do the right thing and protect your business now!
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