Companies specializing in software escrows never existed. An escrow firm must be knowledgeable in the legal and technical details required to furnish clear, flexible guidelines throughout the life of the software program. An experienced escrow agent handles many escrows comprising a wide variety of needs and problems. The agent works closely with attorneys and is aware of the latest trends, techniques and legal developments. The role of the agent can be as active or as passive as the parties to the escrow feel is necessary.
Legal assistance is always necessary before executing an escrow agreement.
Nevertheless, the escrow agent should be well-qualified to suggest an escrow format that will meet the needs of the particular case. The major components of the escrow agreement were discussed above. Once the escrow framework has been established, ongoing expertise is essential. The escrow materials must be deposited and acknowledged in writing to all parties. This establishes for all parties the actual completion of the escrow and its commencement date.