The Single Beneficiary Agreement is a tri- party Agreement between the licensee (single beneficiary), the software provider (owner), and EscrowTech India (the escrow agent). This agreement comes into effect when –
- There is one licensee (single beneficiary)
- There is one software provider (owner)
- The licensee and the software provider enter into Software Escrow Agreement with EscrowTech India.
- The software provider submits the escrow materials on physical media like hard drives, tapes, DVD, CD, etc. via mail, courier or hand delivered.
- EscrowTech India stores escrow materials in it’s secure vault.
- In the event of a release, the escrow materials are sent to the licensee or Licensor as per the agreed terms of the Agreement.
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.
