Specifically, it's when a trusted and neutral third party ("TTP"), such as InnovaSafe, holds mission critical technology and or intellectual property according to the terms and conditions of an agreement. The TTP is tasked with the implementation of the terms and conditions of the agreement. Although used prior to 1988, the power of this type of agreement was increased when President Reagan signed the Intellectual Property Bankruptcy Act ("IPBA"), commonly referred to as the DeConcini Bill, into law in 1988.
Well, the following are some very good reasons that this type of agreement should be implemented:
Protection and assurance against the creators (1) failure to maintain or support the product as promised or (2) failure to maintain or support the product for a specific period of time, or (3) the sale or sunset of the product, or (4) any number of other reasons agreed to by the contracting parties.
Use of the agreement for the purpose of supporting market position by standing behind product and client service.
It's best to implement an agreement in conjunction with the execution of the license or subscription agreement and prior to deployment of the application, but this cannot always be accomplished. In cases where the IPE cannot be executed along with the underlying agreement then it's best to execute the IPE as soon as possible.
We have compiled a short list of Reasons for Use
We guarantee that our clients receive more benefits and services from InnovaSafe, at a lower fee, than they will from any other vendor. Simple.