Intellectual Property Escrow Agreement Clause Samples
An Intellectual Property Escrow Agreement is a legal arrangement in which intellectual property assets, such as source code or proprietary designs, are deposited with a neutral third party (the escrow agent) to be held in trust. This agreement typically outlines the conditions under which the escrowed materials will be released to the beneficiary, such as the licensor's bankruptcy or failure to maintain the product. Its core function is to protect the interests of licensees or users by ensuring continued access to critical intellectual property in situations where the original provider can no longer support or deliver the asset, thereby mitigating operational and business continuity risks.
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Intellectual Property Escrow Agreement. In accordance with Sections 25.1 through 25.5, TSI Contractor has elected to enter into an Intellectual Property Escrow Agreement, dated as of the Effective Date, for escrowing TSI Contractor’s Intellectual Property and Third Party Intellectual Property, in the form attached hereto as Exhibit J (Escrow Agreement), or such modified form as has been approved in writing by SRTA.