How to arrange escrow agreements
28 August 2012
Q: My company has decided to invest in a new IT system. As part of the preparations for this, I have been asked to arrange "escrow". Unfortunately, I only have a vague idea of what this means. Can you help?
A: Pat Robinson, senior consultant at Brian Farrington, writes: Typically, an escrow agreement is one where a third party holds money, property or a written bond until a specified condition has been fulfilled. In this instance, it refers to the supplier's intellectual property - held on behalf of the buyer - and is likely to relate to...