EscrowSecurity to software projects
Escrow agreements are part of corporate risk management
Escrow service in a nutshell
The supplier and the customer agree on the use of the escrow service of the Chamber of Commerce in their IT delivery contract
The supplier, escrow agent and the customer conclude an escrow agreement
The escrow agent takes the storage material into safekeeping
The supplier takes care of updating the storage material
The escrow agent releases the storage material to the customer when the conditions are met
Agreement types and model agreements
A reliable Finnish escrow agent
Secure storage protects against damage risks
Continuous specialist support
Competent and friendly customer service
Benefits of an escrow agreement
Benefits – Supplier
More fluent agreement negotiations
Instils trust in potential customers
Safe storage in one impartial location
Benefits – Customer
Ability and legal right to maintain, update and improve business-critical software
Reduces the risk of a significant disruption of business
Eliminates the worry about the supplier’s competence
Secures the business continuity
Would an escrow agreement suit you?
Concluding an escrow agreement
Agreeing on changes
Agree on potential changes to the model agreement between the software supplier and its customer and enter the changes in the agreement.
Send the agreement proposal by email to email@example.com or firstname.lastname@example.org
Signing the agreement
Once the Chamber of Commerce has approved the agreement proposal, the software supplier and the customer can sign the agreement and send it to the Chamber of Commerce in three (3) copies.
The Chamber of Commerce will provide each party with one signed agreement copy. The material can be delivered for storage after this or, in individual cases, even earlier, if agreed on with a representative of the Chamber of Commerce.
Material to be stored
The software supplier must deliver the agreed material to be stored to the Chamber of Commerce within 14 days from the agreement entering into force (signature). The material to be stored is delivered by mail or using a courier to the address: Helsinki Region Chamber of Commerce Escrow Service Kalevankatu 12 00100 Helsinki
Packaging of the material to be stored
The material must be delivered in a sealed package, and it must contain the agreed material stored on a machine-readable media. The package size must not exceed the measurements 35 cm x 30 cm x 10 cm, unless otherwise agreed on.
The material delivered to the Chamber of Commerce must be accompanied by written notification, which shows - the parties to the agreement - the day the agreement was concluded - the date of submitting to storage and - itemization of the material submitted to storage. The parties to the agreement and packing day must also be marked on the package.
Acceptance of material
The Chamber of Commerce will send the parties a notification of receiving the material within seven (7) days of the material arriving at the Chamber of Commerce.
If the software supplier delivers a changed or updated version of the software to its customer, the material containing the change must be delivered to the Chamber of Commerce within 30 days of delivering the change to the customer.