WHO IT IS FOR
The Multiple Beneficiary Agreement for ‘Separated Escrows’ is a multi-party agreement between EscrowTech India (escrow agent), software provider (owner), and any number of licensees (beneficiaries) who have their own customized escrow materials for submission. This agreement comes into effect when –
- The escrow materials for each licensee are customized and should be stored separately
- There is one or more beneficiaries (licensees)
- There is only one software provider
HOW IT WORKS
- The software provider enters into a Software Escrow Agreement with EscrowTech India.
- The software provider and the licensee sign a Beneficiary Registration Form
- The software provider submits the escrow materials for each registered licensee on physical media like hard drives, tapes, DVD, CD, etc. via mail, courier or hand delivered.
- EscrowTech India stores escrow materials separately for each licensee in it’s secure vault
- In the event of a release, the escrow materials are sent to the licensee(s) as per indicated in the Beneficiary Registration Form. Here, the licensee only receive the escrow materials submitted by the software provider for them.
Beneficiary Registration Form – It is a form used to add a licensee (beneficiary) to the escrow account. The form is designed in a way that it allows a licensee to have unique release conditions from another licensee.
Escrow Materials – Escrow Materials are deposit materials that include the actual source code, files related to software, and other important documentation.
Release Condition – The condition or scenario that triggers the release of the deposit materials. It can be anything from bankruptcy, merger, acquisition, failure to provide continued service, etc.