Kiran Kumar (Lawyer) 13 September 2008
its a term connected with Cyber Laws as far as my knowledge is concerned.
when a paticular company prepares a software for some organisation then the original is kept with a third person, who would keep it in his safe custody and in case of requirement/ necessasity of the said original software then both the companies will have to approach this third person.
here this third person is called Escrow agent and the contract entered with him is called Escrow Contract or Agreement.
Escrow agent is paid for it. He is bound to act according to contract. Such contracts are entered to preserve the Intellectual property rights of the Software companies.
Guest (n/a) 13 September 2008
Written Instrument, such as a deed, temporarily deposited with a neutral third party, the Escrow Agent, by the agreement of two parties to a valid contract. The Escrow Agent will deliver the document to the benefited party when the conditions of the contract have been met. The depositor has no control over the instrument in Escrow. Escrow applies to all instruments so deposited.