Escrow Protection for Attorneys
Help Clients Minimize Risk and Maximize the Value of Their Licensing Relationships
HELP ENSURE PROPER PROTECTION FOR YOUR CLIENTS
As an attorney representing clients who use or develop software or other technology, you can help ensure proper intellectual property protection by recommending that they leverage Iron Mountain’s comprehensive technology escrow services. Widely acknowledged in the legal community as the industry leader for technology escrow services, an Iron Mountain escrow account will significantly reduce your clients’ technology licensing risks.
At Iron Mountain, we take intellectual property management seriously and deliver our escrow services with the integrity you and your clients would expect — and, in fact, demand — from a trusted and neutral third party.
COMPREHENSIVE ESCROW SERVICES MEET YOUR Clients’ UNIQUE NEEDS
Whether your clients’ needs today are for one specific customer, a mission-critical application, or an entire risk management strategy, Iron Mountain provides flexible escrow solutions. Our services are governed the type of agreement that gives your client the optimal level of protection in each unique situation.
Iron Mountain’s escrow services include the key features required by all parties desiring escrow protection, but at the same time are flexible enough to accommodate additional requirements or individual needs.
SECURITY FOR SOFTWARE AND TECHNOLOGY USERS
Software and technology licensees are dependent on their vendors for support and maintenance of their licensed software or technology. They are exposed to risks if the vendor goes out of business or stops supporting the software or technology due to other unforeseen circumstances.
An escrow account with Iron Mountain protects licensees by allowing them to gain access to their vendor’s source code under specific conditions outlined in the escrow agreement. With an escrow in place, licensees have the opportunity to maintain that software without vendor support, while planning how to replace it.
While requesting escrow protection is a prudent business practice when licensing any software or technology of significance, you should seriously consider recommending escrow protection to your clients if:
- The software or technology is mission-critical
- Many employees will be using the software or technology
- The technology impacts your clients’ customers
- The technology would be difficult or costly to replace
- Third-party software is embedded into the technology
- The client is developing or has implemented a corporate risk management strategy
PROTECTION FOR TECHNOLOGY DEVELOPERS
Software and technology developers can appreciate the benefits of technology escrow protection too.
As a neutral third party, Iron Mountain dates and timestamps all materials deposited into escrow. This creates an audit trail of the development of software and technology and provides independent validation of the ownership of the related intellectual property.
Iron Mountain has no vested interest in defending one party over another, and has the trust of the courts to vouch for the existence and ownership of all types of intellectual property your clients might want to protect.
Verification: A Fundamental Element of Software Escrow.
Although putting software in an escrow account ensures that code will be released if and when a release condition occurs, your licensee clients have no assurance that the software will be complete, usable, or even readable. Don’t forget to stress the importance of Escrow Verification Services to your licensee clients to validate the completeness, accuracy, and functionality of the deposit, and to help ensure that they would be able to read, recreate, and maintain the software upon release.
THE RIGHT AGREEMENT FOR EACH SITUATION
As an attorney, your billable time is extremely valuable, as is your need for flexibility in the services you recommend to your clients. Iron Mountain’s escrow professionals will work with you to define the right level of protection for your clients’ specific requirements, keeping your time investment under control. Iron Mountain has a variety of standard two- and three-party agreements to meet the needs of both developers (escrow depositors) and licensees (escrow beneficiaries).
ASSURED PRIVACY AND SECURITY
You can rest easy knowing that your clients’ data is completely protected within Iron Mountain’s secure environment for data transfer, data storage, and account management of escrow deposits. Our security framework includes the following attributes:
- Deposit security. Tracks chain of custody from the time of receipt to the release of the deposit. Vault administrators code and track a physical media deposit upon delivery to a vault. Electronic media deposits are encrypted and transferred to an Iron Mountain vault using secure transfer protocols.
- Storage security. Prevents unauthorized access to physical and electronic vaults. Iron Mountain stores all escrow media and documents in vaults at secure, offsite facilities, which include uninterruptible power supplies, noncombustible construction, gaseous fire protection, and sophisticated access control security systems.
- Facility security. Adheres to stringent physical security practices which restrict access to the materials.
- Deposit retrieval security. When a depositor does not meet the terms stated in their escrow deposit account agreement, a beneficiary can request a release of the deposit materials. Vault administrators do not move the materials from their storage location until they complete a comprehensive internal review and material inventory.
THE LEADER IN SOFTWARE AND TECHNOLOGY ESCROW PROTECTION
Iron Mountain has provided intellectual property protection for software and technology vendors and their clients since 1982. It’s no wonder that more than 40,000 organizations — including more than ninety percent of the Fortune 500 — trust us to protect their mission-critical software and intellectual property assets. We take software and technology investments seriously, and protect them with the integrity you would expect from a trusted and neutral third party.
About Iron Mountain. Iron Mountain Incorporated (NYSE: IRM) provides information management services that help organizations lower the costs, risks and inefficiencies of managing their physical and digital data. Founded in 1951, Iron Mountain manages billions of information assets, including backup and archival data, electronic records, document imaging, business records, secure shredding, and more, for organizations around the world. Visit the company Web site at ironmountain.com for more information.