Does your business depend on software, data or documents?
Escrow means security for you.
When several parties enter into an escrow arrangement the service provider or vendor deposits software source code or other confidential data or documents with a neutral third person, known as the escrow agent.
Once these items are deposited the escrow agent is permitted to hand them over to the customer only under specific conditions which the parties agree on in advance.
Software source code and certain data or documents may be the trade secrets of the service provider or the vendor, and the customer is not normally permitted to have access to them.
In order to be able to maintain and further develop the software, products and applications which they have paid for, the customer may need to have access to the source code, data or documents in question.
What happens if the service provider or vendor becomes unable for whatever reason to fulfil their commitments? This might be the case, for example, if they go bankrupt, close down or refuse to provide a service.
If the source-code, data or documents have been deposited with swissEscrow, the customer will in such circumstances gain access to them.
Advantages of escrow for the customer
- The customer is protected against the case where the service provider or vendor ceases to operate.
- They have access to source code, data or documents, should the service provider cease to operate.
- They can be sure of seamless maintenance and further development of software, products and applications.
- They protect their investment.
- They reduce their dependency on the service provider or vendor.
- They reduce business risk.