The Agreement
The purpose of setting up escrow-agreement is on one side to protect the clients long-term business continuity. But at the same time the agreement protects the source code of the supplier. This is provided for by placing the source code of the used application in our secure vaults and wil be kept for save keeping independent from the client and the supplier.
If for any reason your supplier is no longer able to meet your contractual obligations, this will mean that Escrow Europe will release the source code of the used application to you.
Examples of ‘Trigger Events’ for the release of the source code are:
In your case you will be setting up a three party escrow-agreement. Which is contract between a supplier, your company and Escrow Europe.
Your company will be the sole beneficiary in that contract. Escrow Europe is fully independent hence is not allied to software suppliers or hardware manufacturers. Example of a three party escrow-agreement.