A Source Code Escrow Agreement becomes necessary when organizations rely on mission-critical software applications and need to ensure business continuity. This agreement, structured under Singapore law, provides a secure mechanism where the source code owner deposits their intellectual property with a trusted third party, while maintaining confidentiality and protecting their rights. The agreement specifies clear release conditions, typically including business failure, bankruptcy, or breach of maintenance obligations by the software owner. It's particularly relevant in Singapore's technology-focused business environment, where software dependencies are common and require robust legal protection.
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Key Requirements PROMPT example:
Source Code Escrow Agreement
"Need a Source Code Escrow Agreement to protect our newly developed healthcare management software, with specific provisions for quarterly code verification and multiple beneficiary access as we have three hospital groups as licensees."
1. Parties: Identifies the depositor (software owner), beneficiary (licensee), and escrow agent
2. Background: Explains the context of the agreement, including the existence of related software license agreements
3. Definitions: Defines key terms including Deposit Materials, Release Events, and Verification Tests
4. Deposit Obligations: Details the materials to be deposited and updating requirements
5. Release Conditions: Specifies circumstances under which the source code will be released
6. Verification Procedures: Outlines the process for verifying deposited materials
7. Confidentiality: Establishes confidentiality obligations for all parties
8. Term and Termination: Specifies duration and termination conditions
1. Deposit Verification Testing: Detailed technical verification procedures for cases requiring specific technical verification
2. Multiple Beneficiary Provisions: Rules for multiple beneficiaries accessing the escrow, used when there are multiple licensees
3. International Provisions: Specific provisions for cross-border arrangements when parties are in different jurisdictions
1. Schedule 1 - Deposit Materials: Detailed list of materials to be deposited
2. Schedule 2 - Release Events: Comprehensive list of events triggering release
3. Schedule 3 - Verification Test Procedures: Technical specifications for verification testing
4. Schedule 4 - Fee Schedule: Escrow agent fees and payment terms
5. Appendix A - Contact Information: Authorized representatives and contact details for all parties
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