Escrow "Release Events" are the scenarios and conditions in which a release or partial release of the materials held by Harbinger as the escrow agent would be warranted. In a typical software escrow agreement, Release Events are not inevitable but serve as business continuity planning if some pre-negotiated event should occur.
Harbinger's standard escrow agreements support a wide array of release conditions already however we can also work with you to draft special Release Events that meet your particular business requirements. Typical Release Conditions may include:
- Bankruptcy of Vendor
- Cessation of Vendor's business
- Failure to support the terms of a license, support agreement or other agreement
- Failure to meet pre-defined service level requirements
- Death of key personnel
- Developer's acquisition by a key competitor
Data held by Harbinger is only released under strict conditions and the positive existence of a release event that is stipulated in the escrow services agreement. In that case, the vendor's escrowed material is released to the end-user so that they may continue business normally.