Intellectual Property

Legal implications

OUR DEFINITION OF CUSTOM SOFTWARE ESCROW AGREEMENT

Software Escrow is defined as the repository of certain software information, such as its source code, object code or any other materials that may identify an executable program.

Our escrow agreement is embodied in a document with four  different parties: the first two parties, the Developer/Creator and the Client/User, are the promoters of the contractual relationship ; as a neutral third party to the contract, Agencia Escrow® mediates between the Developer and its Clients, supporting both parties in the legal implementation of the contract by the continuous monitoring and auditing of the project; finally,  the computer program can optionally be safeguarded through notarial deposit and, consequently, a Notary Public would become the fourth party to the contract.

The contract stipulates all the conditions governing the escrow, and Agencia Escrow® becomes the guarantor of their fulfillment. Those conditions usually include the security measures for the materials in custody, some operational tests, the specification of the causes for removal of the deposit, and any other  clauses agreed between the Developer and his Client.

 

LEGAL IMPLICATIONS

According to INTECO’s  Information Security Observatory, escrow agreements bring about two main legal implications . Firstly, they constitute full proof as to ownership of the software. Secondly, they guarantee the party which is not the owner of the information, and most likely enjoys a license of use, access to the software, including its source code,  in case the owner disappears, breaches the contract or unlawfully denies his client access to the software . Therefore, a escrow agreement can be depicted as a legal tool that provides a contractual relationship with greater legal certainty.

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