The Software Escrow Agreement II Software under Singapore law is essential when organizations depend on mission-critical software applications. This agreement ensures business continuity by providing access to source code and related materials if specific trigger events occur, such as the software provider's insolvency or breach of maintenance obligations. It balances the software owner's need to protect intellectual property with the beneficiary's requirement for business continuity, all within Singapore's sophisticated legal and technological framework.
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Key Requirements PROMPT example:
Escrow Agreement IT Software
"Need a Software Escrow Agreement IT Software for our new banking application, where we are the beneficiary and require strict verification procedures and monthly testing of deposited materials, to be effective from March 2025."
1. Parties: Identification of escrow agent, software owner/depositor, and beneficiary/licensee
2. Background: Context of the agreement, including reference to main software license agreement
3. Definitions: Key terms including Deposit Materials, Release Events, Verification
4. Deposit Obligations: Requirements and procedures for depositing source code and materials
5. Release Conditions: Specific events triggering release of escrow materials
6. Verification Procedures: Process for verifying completeness and accuracy of deposited materials
7. Confidentiality: Obligations to maintain confidentiality of escrow materials
8. Fees and Payments: Cost structure and payment obligations
9. Term and Termination: Duration and termination conditions
1. Data Protection: PDPA compliance measures for handling personal data in deposited materials
2. Intellectual Property: Additional IP protection measures for complex IP arrangements
3. Insurance: Insurance requirements for parties in high-value software arrangements
4. Step-in Rights: Rights for beneficiary to maintain/modify software when development rights are needed
1. Schedule 1 - Deposit Materials: Detailed list of materials to be deposited
2. Schedule 2 - Verification Tests: Specific tests for verifying deposited materials
3. Schedule 3 - Fee Schedule: Detailed breakdown of fees and payment terms
4. Schedule 4 - Release Request Form: Template for requesting release of materials
5. Schedule 5 - Technical Contact Details: List of technical contacts for all parties
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