Escrow services refer to taking something into custody. In particular, we do so in the following situations:
- holding funds in our custody pending the outcome of a dispute;
- taking custody of source codes of software programmes.
A well-drafted deed of deposit or escrow agreement ensures that we hold the funds or source codes for whoever is entitled to them. This prevents them from falling into the bankruptcy of the party not entitled to them. Nor can they be seized by the creditors of the party not entitled.
Customers of the software developer can thus be sure that if the software developer no longer fulfils its obligations, they can dispose of the source codes. This allows them to continue developing and maintaining the software that is important to them.
For more information on escrow services and deeds of deposit, please contact us. We will be happy to help.
pkooijman@kooijmanautar.nl
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