Escrow Types
There are a number of different types of escrow. tinyEscrow keeps it simple and straightforward.
Single Beneficiary
A Single Beneficiary Software Escrow Agreement is essentially a three-party agreement between the Owner, the Beneficiary, and the Escrow Agent (tinyEscrow). All three parties sign a "Software Escrow Agreement." This agreement specifies certain conditions such as:
- The Deposit Materials (the actual code/documents/etc that will be held in escrow).
- The Release Conditions (what must occur for the Deposit Materials to be released to the Beneficiary).
- The Permitted Use (what the Beneficiary can do with the Deposit Materials).
Once the Software Escrow Agreement is established, the Owner then submits the Deposit Materials to the Escrow Agent. If a Release Condition occurs the Escrow Agent will release the Deposit Materials to the Beneficiary.
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Multiple Beneficiary
The Multiple Beneficiary is an agreement between a Depositor and the Escrow Agent. Beneficiaries can be added to this agreement at any time.
Master Agreement
Commonly used in the multiple beneficiary situation. The master agreement is created by the Depositor to establish the release clauses that will be used in the as additional beneficiaries are added to the escrow agreement.
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Reverse Master Agreement
A "reverse" master agreement is a term commonly used when a company would like all of their subcontractors to enter into an escrow agreement. In this sense, instead of the Depositor establishing the escrow for many Beneficiaries, it is the Beneficiary establishing escrow for many Depositors.
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