Escrow arrangement Flocaltec CCS
FLOCALTEC B.V. (FLOCALTEC) has setup this escrow arrangement with Escrow Alliance. With this escrow arrangement FLOCALTEC assures that the risk of permanent loss of Flocaltec CCS is mitigated. The people of FLOCALTEC thought about your business continuity should something unexpectedly happen to FLOCALTEC.
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?
IT is an integral part of today’s business operations. But how are the risks limited if the supplier disappears due to, for example, bankruptcy, takeover, or termination of the company? What effect does this have on business continuity? How does one guarantee the uninterrupted use of applications such as FlOCALTEC Calibration Centre Software (FLOCALTEC CCS)
On the other hand, the intellectual property of the supplier must be protected, and it is not desirable that ‘source materials’ and other knowledge are in the possession of the end user. In the end, these are the ‘crown jewels’ of the supplier and require adequate protection, both legally and in the handling of these materials.
Escrow Alliance limits these operational IT risks with its arrangements by applying managing the escrow and makes the software user less dependent.
Structure of the escrow arrangement
The escrow arrangement consists of three components:
– Escrow agreement
The escrow agreement is setup between FLOCALTEC and Escrow Alliance. The escrow agreement contains the legal terms as agreed in the context of ensuring the continuity and availability of the application.
Escrow Alliance carries out the integrity test Technical Verification Service Level 1 (TVS Level 1) on each delivery and only after a successful completion of this verification only then will the materials be deposited.
The TVS Level 1 checks for the integrity of the material such as presence of source code and documentation, viruses, passwords, readability, file size and calculates unique hashes for auditing purposes.
The deposit consists of all the materials necessary to ensure continuity in the absence of FLOCALTEC. For example: source code, manuals, and documentation. After a successful deposit, you will receive a confirmation message.
More certainty with comprehensive verification
At any time, you may request a full verification of the material in deposit.
With the full verification, the material is tested, checked, but also fully compiled. That ultimately means a high degree of reliability and you can be sure that all the necessary building blocks are present.
Want to know more about the escrow arrangement for Flocaltec?Download FlocaltecCCS escrow brochure
In what situation is there a release of the materials?
Materials are only released under strict conditions and based on verifiable facts and must always be in accordance with the terms of the escrow agreement. In short:
– Bankruptcy and the inability to continue maintenance obligations;
– After ceasing the business operations or other obligations;
– After take-over of FLOCALTEC where the acquirer either unreasonable conditions or no longer maintains to the application, or;
– At the moment that in the event of a sale, the buying party does not enter into a new escrow agreement.
Would you like to use the escrow arrangement?
If you wish to make use of the escrow arrangement, you may ask FLOCALTEC. Escrow Alliance will then follow up by providing you the beneficiary declaration. By signing the declaration, you agree to the terms and conditions laid down in the escrow agreement. As proof of your participation, you will annually receive the escrow certificate from Escrow Alliance.
My.escrowalliance.com your personal escrow portal
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.