The service company, Helsingin Kamari Ltd, owned by the Helsinki Region Chamber of Commerce (HRCC), is responsible for escrow services provided at HRCC. HRCC is the leading escrow agent in Finland.
The escrow service allows you to deposit the source code of an application with an impartial escrow agent. This is highly recommended especially for businesses dependent on software as a service.
If the software licensor fails to update and manage the source code in case of e.g. bankruptcy or sever disturbances in the maintenance, the escrow agent is permitted to access the source code, thereby enabling the vital maintenance and use of the product.
HRCC provides both individual escrow and group escrow services. The individual escrow agreement is a tripartite agreement between the software provider (licensor), the client (licensee) and the escrow agent, whereas the group escrow agreement is concluded between the licensor, the escrow agent and several licensees. The agreement is initially signed by the software provider and the escrow agent, thereafter one or several licensees can join in with a separate enrolment agreement. Group escrow is suitable for circumstances in which the same products (for example financial management or CRM programmes) are sold to several clients. The software provider benefits from the arrangement, because the material is deposited at the same time on behalf of all the clients. This cost effective approach adequately and efficiently protects the critical technology assets.