A Technology Escrow Agreement is essential when businesses rely on mission-critical software or technology owned by third parties. This agreement, structured under Singapore law, provides a secure mechanism for depositing source code and related materials with a neutral third party. It protects both the technology owner's intellectual property rights and the user's business continuity needs by ensuring access to essential materials under specific conditions. The agreement addresses key aspects including deposit verification, release triggers, and maintenance requirements, while adhering to Singapore's regulatory framework for technology transactions and data protection.
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1. Parties: Identifies the three main parties: Depositor (technology owner), Beneficiary (licensee/user), and Escrow Agent
2. Background: Explains the purpose of the escrow arrangement and relationship between parties
3. Definitions: Defines key terms including Deposit Materials, Release Events, Verification
4. Deposit Obligations: Details what materials must be deposited and maintenance requirements
5. Release Conditions: Specifies circumstances triggering release of escrowed materials
6. Escrow Agent Duties: Outlines responsibilities for secure storage and handling
7. Confidentiality: Confidentiality obligations for all parties
8. Term and Termination: Duration and termination provisions
9. Fees: Payment terms for escrow services
1. Verification Procedures: Detailed procedures for verifying deposited materials - used when parties require regular verification of deposit completeness
2. Step-in Rights: Rights of beneficiary to maintain/develop technology post-release - used when beneficiary needs explicit development rights
3. Insurance Requirements: Specific insurance obligations - used when handling particularly valuable materials
4. Multi-party Provisions: Handling multiple beneficiaries - used when multiple parties have rights to the escrowed materials
1. Deposit Materials Schedule: Detailed list of all materials to be deposited
2. Fee Schedule: Detailed breakdown of all fees and payment terms
3. Verification Testing Procedures: Technical procedures for verification testing
4. Release Request Form: Standard form for requesting release of materials
5. Contact Details Schedule: Key contacts for all parties and escalation procedures
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