As a firm of solicitors we are trained on all aspects ofÂ escrow agreements. In essence the bog standard escrow agreement is one betweenÂ 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’.
CruciallyÂ 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 thenÂ drawn up and draftedÂ to reflect our appointment.
What triggers if any are to be used if there is an issue?
Two mainÂ 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!
Â Michael Coyle