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 –
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.