Finbotx offers this escrow arrangement to assure its customers that the availability of the Finbotx application is guaranteed. The escrow arrangement shows that the people at Finbotx have thought about your business continuity in the unexpected event that Finbotx cannot guarantee the continuity of the Finbotx application.
Why an escrow arrangement?
IT plays a critical role in today’s business operations. If you value continuity of your operations The question is how are risks mitigated if a supplier fails to deliver due to bankruptcy, acquisition or simply ceases to operate? What effect does this have on business continuity? And how do you ensure uninterrupted use of business-critical applications such as financial software, business process management software or document management software?
On the other hand, the supplier’s intellectual property must be protected and it is not desirable for “source materials” to be owned by the customer (end user). These materials are undoubtedly the supplier’s core assets and that requires adequate protection, both legally and in the operational handling of these materials.
Escrow Alliance mitigates these IT risks through the use of active arrangements.
