Escrow for technology focuses on safeguarding the knowledge applied by supplier in its product. Consider the embedded software or firmware, construction drawings and blueprints, recipes or formulas, Bill of Materials and suppliers. It usually involves a combination of the aforementioned components. The technology escrow arrangement guarantees the user business continuity while protecting the supplier’s intellectual property.
There are often specific components underlying technological products, such as:
(Knowledge) suppliers rarely simply transfer that knowledge to customers. Understandable, since it is intellectual property and the source of the product. That often includes years of expertise and research.
A technology escrow arrangement is an arrangement between the supplier and its customer with the aim of securing all the necessary knowledge (know-how) to ensure continuity on the use of the delivered product. After all, without this knowledge, the product cannot be continued or produced.
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