Simply defined, an escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a particular condition or event. In the UK escrow accounts are often used during private property transactions to hold solicitors' client's money, such as the deposit, until such time as the transaction completes
Escrow is typically requested by a party licensing software (the licensee), to ensure maintenance of the software.
The types of Escrow Services include:
Software Escrow: This service can protects software application such as source code, including web sites and web applications. Available where a software application has been specifically written or amended for use by one licensee and also for standard 'off-the-shelf' applications where the same software is used by a number of licensees, allowing multiple licensees to register on one agreement set up by the supplier
Software-as-a-Service Escrow: Software-as-a-Service escrow enables an organisation to balance risk and protect its investment in SaaS, ensuring that if its SaaS supplier's business fails or the supplier does not maintain its contractual obligations, the required application and data can be accessed and released or provided to the end user organisation quickly and legally, leaving them free to carry on without disruption.
Information Escrow: This escrow service can protects product designs, manufacturing processes, marketing materials and industrial formulae. Designed specifically to protect the growing number of organisations who outsource the development of specific elements of their operations to a specialist third-party, any type of business-critical information can be covered. Often just as critical as software applications, business critical information currently protected by our clients includes product designs, processes, industrial formulae and branding material/advertising campaigns.
Copyright protection: It can protect clients' original material to assist in the prosecution or defence of copyright infringement claims. Designed to assist in establishing ownership of material such as software applications, web sites, product designs, artwork, original music scores and fashion designs through proving that it was developed by client first.
