escrow

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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 ?
com)-- Global learning company, eXact learning solutions, has signed an escrow agreement with NCC Group, a FTSE 250 listed global expert in cyber security and risk mitigation.
In jurisdictions that view the scope of the fiduciary duty in this limited manner, the only way to require escrow officers to inform lenders of potential fraud is to include specific instructions within the escrow agreement or closing instructions.
Unfortunately, beneficiaries relying solely on bankruptcy as the only release condition are not gaining the full benefit of the escrow agreement.
An escrow agreement is a tripartite agreement between the software user, supplier and escrow agent.
In other circumstances, an escrow agreement may not be quite as formal.
Although three parties are usually involved, escrow agreements can take the form of either "two-party agreements" or "three-party agreements.
Escrow agreements usually supplement some primary agreement, such as maintenance, consulting, basic ordering, or others.
In the end, the escrow agreement helps to motivate the developer to quickly resolve any disputes with end-users, while providing a tool for the end-user to limit risk if a resolution is not reached.
Escrow agreements commonly require the depositor to submit updates 60 days after the vendor releases a new version of software.
02 per common and special share, payable on January 3, 2006, or as otherwise provided under the terms of any applicable escrow agreements, to shareholders of record on December 20, 2005.
holds a separate irrevocable trust fund for the benefit of holders of first resolution refunded bonds and another for the benefit of holders of second resolution refunded bonds, established under separate escrow agreements.