The fifth commandment while procuring customized software is ........ Thou shall secure the Source Code of the software licensed in an Escrow in case of a contingent event.
As normal human beings we always question advice ..... don’t we ..... why should I escrow the Source code of the Software licensed. For the simple reason ............you will eventually be forced to license software and reinvent the wheel all over again if your software vendor, goes belly up/bankrupt. The organization will suffer both monetary and abstract losses such as reputation and goodwill loss should your business be affected. All this just because you were negligent ... just because you did not take necessary measures when they were available at hand.
The irony of the impending scenario at hand is …… you repent and pay your dues for the incompetence of the software vendor ……but will this alibi suffice when you are questioned why you did not take precautionary measures when you were aware of the same.
We could give you so many reasons which make good business sense to initiate a software escrow, but we would like to talk to you understand your need and then advice you, so contact us at info@escrowtech.in and we will provide you with obligation free software escrow advice.
Remember - info@escrowtech.in
Saturday, July 15, 2006
Thursday, June 29, 2006
EscrowTech India bags Escrow Contracts
EscrowTech India recently bagged escrow contracts with ICICI and Icicle Tech just to name a few. ICICI India's premier private bank recently concluded an escrow contract with EscrowTech India for the software licensed. EscrowTech India has also been working with many reputed Indian Software companies and public sector banks for their software escrow requirements.
A Software Escrows has many intrinsic benefits to both the licensor and the licensee. So if you represent an Institution, Organization, Corporate house (private or public) and need to know more about software escrow mail us at info@escrowtech.in and we will be only too glad to provide you with consultation you on your organizations escrow needs.
The Goverment of Andhra Pradesh recently initiated an escrow thus becoming the first Goverment institution in the Republic of India to do so. Software escrows are rapidly becoming the need of the day when software is licensed. DO NOT leave your software license Agreements and your organization's IT assets vulnerable insists on a software escrows and secure your IT assets. A software escrow would definitely be the cornerstone which defines the very exsistence of your organization in the days ahead.
You can contact us at +91 44 45535571 / + 91 44 45535572 for your Software escrow needs.
A Software Escrows has many intrinsic benefits to both the licensor and the licensee. So if you represent an Institution, Organization, Corporate house (private or public) and need to know more about software escrow mail us at info@escrowtech.in and we will be only too glad to provide you with consultation you on your organizations escrow needs.
The Goverment of Andhra Pradesh recently initiated an escrow thus becoming the first Goverment institution in the Republic of India to do so. Software escrows are rapidly becoming the need of the day when software is licensed. DO NOT leave your software license Agreements and your organization's IT assets vulnerable insists on a software escrows and secure your IT assets. A software escrow would definitely be the cornerstone which defines the very exsistence of your organization in the days ahead.
You can contact us at +91 44 45535571 / + 91 44 45535572 for your Software escrow needs.
Tuesday, May 23, 2006
Three to Tango - Software Escrow Arrangement
An article emphasizing on the importance of software escrows and its role in addressing the core issue of business continuity.
Friday, May 12, 2006
AP to set up software escrow account
The Hind Business Line, Hyderabad reports on the setting up of a software escrow account by the goverment of Andhra Pradesh. The Escrow Agreement was signed between C 1 India, The Government of Andhra Pradesh with EscrowTech India as the escrow agents in Hyderabad.
FIRST INDIAN GOVERNMENT ENTITY TO INITIATE SOFTWARE ESCROW: GOVERNMENT OF ANDHRA PRADESH
Government of Andhra Pradesh (GOAP) is the first Indian Government Entity to set up a software escrow account on April 29, 2006. Smt. Ratna Prabha, IAS, Secretary, IT&C department, said in a press release today that Internationally, companies are only now gearing up to be in compliance with the requirements of good corporate governance and risk management as stipulated by the Sarbanes-Oxley (SOX) Act of 2002, FSA Rules and Regulations, etc. GOAP was visionary in including a software escrow clause as prerequisite in its tender document way back in 2002. GOAP had done this as matter of good business practice in its endeavor in being a pioneer in leveraging Information Technology to attain a position of leadership and excellence in the information age and to transform AP into a knowledge society.
GOAP had initiated the software escrow account for the E-Procurement and Tender Management Software which runs its acclaimed portal E-Procurement.gov.in. This initiative in partnership with C1 India Private Limited, an SEI MM – Level 5 company and the leading provider of e-procurement & e-sourcing solutions, is a comprehensive e-infrastructure that helps GOAP’s efforts to increase efficiencies in all it’s departments through faster and more transparent automated procurement procedures.
GOAP and C1 India had chosen EscrowTech India Private Limited to act as Software Escrows Agents in this deal. EscrowTech is India’s first Software & Technology Escrow company whose international clients include many fortune 500 companies and leading institutions. Mr. Arun Mahadevan, of ETI said that recent studies have shown that the risk of supplier failure is much greater than major fire/terrorist attack yet disaster recover (DR) plans far more common than escrow amongst business.
Software escrows are common practice and widely used the world over. Software escrows are initiated by signing a tripartite Agreement called the Software Escrow Agreement between the licensor, licensee and the Software Escrow Agent. The Software Escrow Agreement governs the functioning of the escrow and defines the duties, responsibilities and liabilities of all the parties entering into the same.
Once the Software Escrow Agreement is signed the source code of the software licensed called the deposit materials or the escrow materials are placed in the secure custody of the escrow agent. On the occurrence of a pre-defined contingent event called “the release condition” the deposit materials (source code, documentation, etc. of the software licensed) is released to the licensee. The release conditions are conditions/ events or happenings which trigger the release of the source code and are decided by the licensor and the licensee at the time of entering into the license agreement.
A Software Escrow Agent is an independent third party who secures the source code of the software licensed as per the terms of the Software Escrow Agreement. The primary function of the Software Escrow Agent is to hold in deposit the source code until the occurrence of the release condition. On occurrence of a release condition the Software Escrow Agent acts in accordance to the conditions set out in the Software Escrow Agreement. In case of a dispute, the Software Escrow Agent abides by the arbitration order or court order. Software Escrow Agents also provide Technical Verification services to ensure its completeness, functional and performance parameters of the source code.
Software Escrows provide comprehensive solutions to dissolve the impending stalemates between the licensor and the licensee on the issue of access to the source code. Through a software escrow arrangement a licensee can protect its interests and rights accruing out of the Software License Agreement, it also provides the licensor with a unique USP to market its software products by addressing the critical issue of business continuity of the licensee.
GOAP had initiated the software escrow account for the E-Procurement and Tender Management Software which runs its acclaimed portal E-Procurement.gov.in. This initiative in partnership with C1 India Private Limited, an SEI MM – Level 5 company and the leading provider of e-procurement & e-sourcing solutions, is a comprehensive e-infrastructure that helps GOAP’s efforts to increase efficiencies in all it’s departments through faster and more transparent automated procurement procedures.
GOAP and C1 India had chosen EscrowTech India Private Limited to act as Software Escrows Agents in this deal. EscrowTech is India’s first Software & Technology Escrow company whose international clients include many fortune 500 companies and leading institutions. Mr. Arun Mahadevan, of ETI said that recent studies have shown that the risk of supplier failure is much greater than major fire/terrorist attack yet disaster recover (DR) plans far more common than escrow amongst business.
Software escrows are common practice and widely used the world over. Software escrows are initiated by signing a tripartite Agreement called the Software Escrow Agreement between the licensor, licensee and the Software Escrow Agent. The Software Escrow Agreement governs the functioning of the escrow and defines the duties, responsibilities and liabilities of all the parties entering into the same.
Once the Software Escrow Agreement is signed the source code of the software licensed called the deposit materials or the escrow materials are placed in the secure custody of the escrow agent. On the occurrence of a pre-defined contingent event called “the release condition” the deposit materials (source code, documentation, etc. of the software licensed) is released to the licensee. The release conditions are conditions/ events or happenings which trigger the release of the source code and are decided by the licensor and the licensee at the time of entering into the license agreement.
A Software Escrow Agent is an independent third party who secures the source code of the software licensed as per the terms of the Software Escrow Agreement. The primary function of the Software Escrow Agent is to hold in deposit the source code until the occurrence of the release condition. On occurrence of a release condition the Software Escrow Agent acts in accordance to the conditions set out in the Software Escrow Agreement. In case of a dispute, the Software Escrow Agent abides by the arbitration order or court order. Software Escrow Agents also provide Technical Verification services to ensure its completeness, functional and performance parameters of the source code.
Software Escrows provide comprehensive solutions to dissolve the impending stalemates between the licensor and the licensee on the issue of access to the source code. Through a software escrow arrangement a licensee can protect its interests and rights accruing out of the Software License Agreement, it also provides the licensor with a unique USP to market its software products by addressing the critical issue of business continuity of the licensee.
Wednesday, January 04, 2006
EscrowTech India – On the Technical Verification Front
EscrowTech India offers Technical Verification to its clients in conjunction with its partners in India and the USA.
Technical Verification does form an important part in the escrow process, however EscrowTech India does not stress on this aspect. Technical Verification is left to the sole discretion of the licensee.
Technical Verification gains significance when a release condition is triggered, and the licensee to his dismay finds out that the escrowed materials released is not the source code of the software licensed, but the most recent version of the Lara Croft gaming software. The very purpose of an escrow is defeated if this is the case.
Technical verification comprises of different aspects and the type and the scope of Technical Verification is left to the licensee to decide, as in most cases it foots the Technical Verification Bill.
For further information on software escrow services and Technical verification facilities mail us at info@escrowtech.in or visit our website www.escrowtech.in
Technical Verification does form an important part in the escrow process, however EscrowTech India does not stress on this aspect. Technical Verification is left to the sole discretion of the licensee.
Technical Verification gains significance when a release condition is triggered, and the licensee to his dismay finds out that the escrowed materials released is not the source code of the software licensed, but the most recent version of the Lara Croft gaming software. The very purpose of an escrow is defeated if this is the case.
Technical verification comprises of different aspects and the type and the scope of Technical Verification is left to the licensee to decide, as in most cases it foots the Technical Verification Bill.
For further information on software escrow services and Technical verification facilities mail us at info@escrowtech.in or visit our website www.escrowtech.in
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