Sure, you know that adding a technology escrow agreement is the right thing to do when you license software. And, as you’ll see in our 6 Keys to a Successful Escrow Agreement post, we recommend that you always negotiate and sign the escrow agreement (with the right level of verification) together with the license agreement … and before you write the check. (You can remember that for next time!)
With a technology escrow contract, your developer’s source code (or other technology) is placed in a secure escrow account held by Iron Mountain – we’re a neutral, trusted third party. We keep the developer’s technology secure, but if they can’t support their product in the future (for reasons specified in the escrow agreement), you’ll still have access to the source code you need to keep your mission-critical applications up and running. This is why technology escrow can be a lifesaver in cases such as bankruptcy, obsolescence, lack of product support, or a merger or acquisition.
Ultimately, technology escrow is about building trust between developers and users of technology – escrow lets you make a safe technology procurement decision.
So, before your best intentions are forgotten, give Iron Mountain a call (1-800-962-0652) or email and let us help you get that escrow agreement drafted and signed!
While you’re at it, we recommend a Master Three Party Agreement – a standard agreement that you can use with of all of your software vendors. Negotiations are kept to a minimum, and you only pay the setup fee once!