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 ?
Commenting on the agreement, Manoj Menon, said: "We are pleased to sign this escrow agreement, which will provide security, stability and transparency in the real estate market, increasing investor confidence.
"That's why we're taking the groundbreaking step of working in partnership with the global information assurance provider, NCC Group, to offer our customers business continuity protection through this escrow agreement.
While the costly litigation could have easily been avoided if JPM, GM and their respective counsel had taken an extra moment to verify that the security interests identified on the UCC-3 termination statements, checklist and escrow agreement were all related to the lease; the creditors' committee did exactly what it was supposed to do, as the fiduciary for all general unsecured creditors, in challenging JPM's perfection of its security interest in the term loan collateral.
DREI has stated that the escrow agreement would need to be attached as an addendum to either Form A or Form B as applicable.
From the mid-1980s to the early 2000s, an escrow agreement was considered a necessary protection for a government entering into a software contract.
The property owner's escrow agreement required that a "cased closed" status be obtained from the NYSDEC for the historical gasoline station, which the consultancy subsequently obtained from the state.
As part of the transition from the current arrangements this is supported by a Transition Agreement, Subscription Agreement and Escrow Agreement. The Licence Agreement is the ongoing licence of the Technology in the Human Field and replaces the existing Licence Agreement and Commercial Agreement.
As a compromise between the competing interests of the contracted architect and developer, it is also possible to use an escrow agreement.
The name, business address, and telephone number of the independent third-party escrow agent are set forth in the escrow agreement. You may contact the escrow agent to inspect or receive copies of the escrow agreement and related documents.
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. Clearly, under these circumstances, perhaps they simply let the other party drive the escrow arrangement and failed to use a best practice strategy associated with "thinking beyond bankruptcy" as a release condition.
In the case of software, such a grant ideally includes the right to make modifications (for example, to comply with changes in applicable regulations), the right to use third-party contractors and the right to receive the source code--the human-readable form of the software--under an escrow agreement, which itself falls within the scope of Section 365(n).