Did you know that by not protecting your business critical applications with Escrow, you could be putting the future of your business at risk?
CRM systems, payroll software and stock control systems are just a few examples of the many critical applications which businesses rely upon each day. Yet many businesses fail to recognise the importance of protecting these critical applications with an Escrow agreement.
Escrow provides the mechanism for you as the Software User, to continue to legally use the application should your supplier be unable to fulfill their obligations under the licence.
Under the strict criteria of the Escrow, a copy of the application source code can be released to you, allowing you or a supplier of your choice to continue to maintain and develop the application. There is no transfer of IP and all releases are held in the strictest confidence.
Not only does this protect you from software vendor failure but common release stipulations include material breach of the licence and transfer of IP where the incoming Vendor materially increases fees – thereby protecting you against dramatic price increases.
If you would like to find out more about out bespoke Escrow agreements and speak to us about protecting your business critical applications, please get in touch and one of our specialists will get back to you within one business day.
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