Why use an Escrow Agent
A founding principle of escrow agents is to remain neutral. It is important that your escrow agent is experienced and an independent third party that is not under the influence or control of either the end-user or the vendor. It is rarely a good idea to simply name one of the party’s lawyers or accountants as the escrow agent. Their duty is to their client – so there is a potential conflict of interest.
Harbinger is an independent and neutral third party who can administer escrow arrangements on your behalf.
Key points to consider
The following are considerations when negotiating agreement with a key software vendor:
- Conduct a risk audit of your key vendors and applications to identify those most needing escrow deposits.
- Ensure that any escrow agreements you have in place contain clear release events.
- Ensure that any escrow arrangement specifies the source code and any additional material that is required to compile the source code
- Verify the initial escrow deposit and each update to ensure that it contains the source code and other material to enable working software to be compiled.
- Develop a process whereby you will be alerted if the escrow arrangement is not maintained.
Key features of Harbinger’s escrow services:
- The choice of either standard or tailored escrow agreements
- Fast service establishment
- A secure online escrow management system
- Annual reporting of compliance and lodgement activity
- Active AlertsTM that warn you if escrow arrangements are not being met
- Online and telephone support
- Software agreement, contract and procurement advice
- Software verification services
- Lodgement auditing services
Save time and effort with online escrow management
Once you’ve established an escrow arrangement, you don’t want to spend time managing it. Harbinger’s Escrow Management System actively monitors your arrangements on your behalf. It allows you to:
- View all of your escrow arrangements in one place
- View account information: Account lists, Deposit data, Contact information, Multiple account management.
- Conduct transactions: Change company contacts, Revise beneficiary lists, Request terminations, Request verification, Notify of release events.
- Access reports: Annual account summaries, Keep track of escrow verification results, Deposit information, Compliance information.
- View information: Agreements, Amendments, Lodgement details.
- Check lodgements: Ensure that deposit materials have been lodged correctly
- Monitor your vendor’s compliance: our unique agreement monitoring system will automatically alert you if your vendor fails to remain in compliance with your escrow agreement
Standard and Tailored Agreements
Harbinger’s recommended escrow inclusions are published as standard agreements. They are based on best practice and are made available to you as a simple and cost effective means of establishing a robust escrow agreement. However, Harbinger’s escrow professionals can also work with you to tailor agreements with the right level of protection that meet the demands of your corporate risk profile.
Harbinger’s Advisory Services
Harbinger’s escrow services have been developed through decades of experience in software development, technology usage and IT law. They include the features and services our customers have told us they want. However, your needs today are unique. We will advise you on the most appropriate services to achieve the level of protection you desire for your business – for one specific application or an entire risk management strategy.
Privacy and Security
You can take comfort from knowing that your data is always secure and protected. Our online data centre meets Australian Government ASIO data security requirements. All data is fully backed up to a secondary location in Harbinger’s own offline data vault. We understand technology and protect your interests with the integrity you expect.
Harbinger provides unmatched intellectual property protection for vendors and end-users. Many of Australia’s top companies trust Harbinger as their neutral third party to provide escrow services.
To find out more or to talk to one of our escrow specialists, please contact us on +61 3 9618 2000.