Escrow in todays financial climate for data providers

Escrow is a legal term which means money, goods or a written document, held by a trusted third party, pending the fulfilment of some condition.

A big concern with offshore data operations is the availability of the data in the event that the offshore service provider was to go out of business. What would happen to the data? When was it last backed up and who has the backup? Who would have access and control of the data? How long would it take before you could retrieve the data? Would the delay be critical to the viability of your business? How much would it cost? etc. these are all key questions and legitimate concerns for every business involved in this as you would inevitably have to face the facts that you do not physically have any control over the data.

If the data was held in escrow you could have access to the data in the circumstances outlined above. The agreement would provide for the data to be in such a format that it was easy enough for a competent person skilled with the language the software was written in to pick it up and run with it in the sense that he could modify and adapt it to suit your needs. This would then minimise your exposure and potential downtime.

Lawdit provide such escrow services.

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