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Escrow Agreement IT Software

Escrow Agreement IT Software Template for Singapore

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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."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Electronic Transactions Act 2010: Primary legislation governing electronic transactions and records in Singapore, crucial for software escrow agreements executed electronically

Copyright Act 2021: Protects software intellectual property rights and source code ownership in Singapore

Personal Data Protection Act 2012: Regulates the collection, use, and disclosure of personal data, relevant for software handling personal information

Contracts Act 1872: Fundamental legislation governing contract formation, validity, and enforcement in Singapore

Computer Misuse Act 1993: Addresses cybersecurity aspects and unauthorized access to computer material

Cybersecurity Act 2018: Relevant for software escrow agreements involving critical information infrastructure

Companies Act 1967: Governs corporate entities involved in the escrow agreement

Sale of Goods Act: May apply to software licensing aspects of the escrow agreement

Competition Act 2004: Ensures fair competition practices in software licensing and distribution

SIAC Framework: Singapore International Arbitration Centre rules for dispute resolution

MAS Regulations: Monetary Authority of Singapore regulations applicable for financial sector software

IMDA Guidelines: Infocomm Media Development Authority guidelines for software development and deployment

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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