The Multiple Beneficiary Agreement for ‘Separated Products’ is a multi-party agreement between EscrowTech India (escrow agent), software provider (owner), and any number of licensees (beneficiaries) for multiple software products. 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 or other mutual agreed events.