Creation of the escrow agreement
- First, an escrow agreement must be created between the supplier, the customer and the Danish Escrow Institute.
- The different types of agreements can be downloaded from this website (physical escrow - digital escrow).
- Our agreements are draft agreements - so the parties are free to amend them as needed. However, the rights and obligations of the Danish Escrow Institute must not be changed.
- During the contract process, you are always welcome to contact us for advice.
- Once the supplier and customer have agreed on the wording of the agreement, it must be sent to us by e-mail before you sign the agreement so that we, as a third party to the agreement, can approve the content.
- Once we have approved the content of the agreement, it must be signed by the parties to the agreement and the Danish Escrow Institute. We are happy to help you get the signatures.
- Once the agreements are signed, we open the escrow and send instructions to the supplier on how the deposit should take place.
Once the escrow agreement is in place and signed, the supplier sends a copy of the source material to Danish Escrow Institute, where it is stored under strict security measures.
Physical source material is sealed and stored under fire and theft-proof conditions and with strict procedures for access. The source material is held completely separate from other escrow source material.
In our digital escrow, the material is secured via the strict security measures of Microsoft Azure. Our Azure solution enables efficient resource management, streamlined operations and very high data security. We utilise Azure's robust features while maintaining control of our data and ensuring high security and integrity.
We also ensure that the customer can always gain access to the material when the contractual conditions for release are fulfilled in accordance with the agreement. At the same time, the supplier has a guarantee that no one else can access the source material.
Danish Escrow Institute is responsible for the administration of the deposited material. This includes sending receipts to both parties every time the escrow is updated and, if necessary, help the customer and supplier remember various obligations.
- To ensure a quick and final settlement of questions concerning release, arbitration has been incorporated into our service in the form of a release committee.
- The release committee is composed from case to case by leading experts in IT legislation.
- The release committee reaches a final and well-substantiated decision as quickly as possible concerning the release. This prevents the case from being protracted with the serious consequences this may have for the customer.