Escrow arrangement Finbotx application
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 business continuity The question is how are risks mitigated if a supplier fails to deliver due to bankruptcy, acquisition or simply ceases operations? 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 intellectual property of the supplier 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.
Structure of the escrow arrangement
Structure of the escrow arrangement
– Escrow Agreement
– Deposit of materials
– Verification of materials
Deposit of materials
The repository contains the access data and technical documentation necessary to ensure the continuity of the application.
On each deposit, Escrow Alliance performs a Verification Service Level 1 (TVS Level 1) check for the presence of the basic requirements in the Escrow Deposit such as:
– Communication and Instructions
– Object code and documentation
– Other interesting things
In addition, you can extend the verification. The goal is to confirm that all necessary materials are present and a build or verification leads to an identical application. We simulate the release of materials.
Be more confident with comprehensive verifications
By default, Escrow Alliance performs a verification service level 1 on all materials on deposit. Customers may request an extended verification to prove that:
– The security measures set forth in the escrow arrangement and its annexes are sufficient for their requirements
– Materials in depot can be converted into an exact copy of the used product
– Customer data can be downloaded after a release event has occurred
Want to know more about the escrow arrangement for Finbotx?Download Finbotx escrow brochure
In what cases is Escrow Alliance entitled to continue the availability of the Finbotx application?
The release terms shall be in accordance with the clauses set forth in the escrow agreement. Release events are in short order:
– Finbotx goes bankrupt;
– Finbotx ceases its business activities without transferring its maintenance obligations and its obligations under law to a competent third party
– Finbotx fails to comply with maintenance
– If the escrow arrangement is not part of any transfer of the intellectual property rights to a third party
– In the event that Finbotx has been taken over by a third party who does not accept the maintenance obligations or offers to accept them only on commercially unreasonable terms.
How to become a beneficiary.
If you would like to apply for an escrow arrangement, please contact Finbotx. They will register your company for escrow and Escrow Alliance will send you the beneficiary statement. Upon receipt of a signed beneficiary statement, Escrow Alliance will send the escrow certificate as proof of your participation. Each year you will receive a new certificate.
Each participant in the escrow arrangement will receive login credentials to log into the customer portal. In this portal you can consult the escrow arrangement, download the escrow agreement and track which deposits have been accepted into escrow and information on the checks performed.