escrow

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Related to Escrow Agreement: Escrow account

escrow

(security)
An arrangement where something (generally money or documents) is held in trust ("in escrow") by a trusted third party until certain agreed conditions are met. In computing the term is used for key escrow and also for source code escrow.

escrow

A legal device used in a construction contract whereby something of value is placed with a third party, acting as a trustee, to guarantee that conditions of the contract will be met.
References in periodicals archive ?
Under the terms of eXact learning solutions' escrow agreement, the company supplies NCC Group with a copy of the source code for their customers' applications.
Although this test is a slightly more expansive view of the scope of the fiduciary duty than limiting the duty to the terms of the escrow agreement, it still allows room for an escrow officer to withhold information that may indicate fraud in the transaction.
Response: You raise an excellent point, and we fully agree that there should be language to this effect written into both the licensing agreement and the escrow agreement.
In other circumstances, an escrow agreement may not be quite as formal.
The net proceeds of the Senior Notes offering were funded into a segregated escrow account, pursuant to an escrow agreement dated as of August 27, 2010 (the "Notes Escrow Agreement"), among Chemtura, U.
The Companies shall enter into an escrow agreement (the Escrow Agreement ) which allows for the release of Consideration Shares from escrow over time, when Prophecy shares trading on the TSX reach certain price levels, or in the face of certain major triggering events.
This article will focus on the buyers, or licensees, of software and how they can negotiate the best escrow agreement, starting at the RFP or "request for proposal" phase.
But organizers learned that if the city and the Burbank-Glendale-Pasadena Airport Authority come to an agreement before the land is sold, the City Council has the power to alter the escrow agreement to allow an expansion plan.
Contractual provisions which may provide a purchaser with protection include representations and warranties of the seller as to the condition of the property and the former and current use of the property; an agreement by the seller to indemnify the purchaser for environmental conditions or violations of law existing prior to closing; and an escrow agreement if contamination has been identified but cannot be cleaned up prior to closing.
461(f)(2) did not occur because the escrow agreement was not signed by the claimant, even though the agreement expressly provided that the claimant was the beneficiary.