Definition 1: Escrow
The use of software escrow is an assurance and security feature offered in the form of a so-called escrow service. The source code deposited with an Escrow Agent such as Escrow Alliance.
An escrow agreement contains the conditions for releasing the source code to the users or beneficiairies. This can be in the event of bankruptcy, a merger, acquisition or abandonment of operations of a software provider.
Because the user has access to the source code, they can themselves or by another third party, can maintain and adapt the software to changing situations. The usage of the software is therefore not in danger.
Translated from source: Computer Words
Definition 2: Escrow
Escrow is originally an American concept. The literal meaning is ‘assurance provided by a third party’.
Escrow represents the situation where party –A- places ‘something’ in custody with an independent and reliable third party or escrow agent. So that the deposited materials are kept under certain conditions or if certain events occur as determined in the escrow agreement, the escrow agent has the right to hand over the materials in custody to party B.
Translated from source: Elfri Advocaten
Definition 3: Escrow
The escrow agreement may be defined as “an arrangement whereby a data carrier with the source code of software is deposited with an independent third party in such a way that the deposit ensures that the source code remains out of the reach of the customer (end user), though in can be released to the to the customer in case of default of the supplier or other problem situations such as bankruptcy of the supplier. “
Translated from source: Holla Lawyers
Definition 4: Escrow of Escrow Alliance
Escrow Alliance protects companies with mission critical office and process automation against failure of the supplier. This may be due to and event such as bankruptcy, takeover or failure to meet delivery commitments.
To avoid this risk Escrow Alliance only provides active escrow arrangements.
An escrow arrangement reduces the end-user’s dependence on the vendor’s software and protect the continuous use of business-critical applications.
More about escrow by Escrow Alliance?
On the following pages you will find more information about our escrow services.
more about escrow by Escrow Alliance
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