Technology escrow agreement

Escrow agreement securing the continued availability to a customer of technology, designs or source code (or any other IP reduced in writing) in cases of insolvency of the service provider, designer, software developer or software licensor.

The three-party agreement provides for subsequent updates of the technology, design or source code; for objective triggering events (optionally including material breach by the supplier) permitting the release of the escrow materials; a full indemnification and release of the escrow agent; and an appropriate cost-allocation mechanism.

Weagree model contract template