What should be in an escrow contract?
Safeguarding Copyrights vs. Protecting Investments
In an escrow contract there should be:
- Definitions of terminology
- Contract prerequisites
- Services provided by the escrow agency
- Manufacturer obligations
- Licensee obligations
- Non-disclosure agreement
- Release conditions
- Liability
- Term of contract
The detailed description of the release conditions is of utmost importance. Individual conditions between the manufacturer and the licensee can be included in the contract, or the standard conditions recommended by HanseEscrow can be used.