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FAQs
Frequently Asked Questions
What is "escrow"?"Escrow," by definition involves the deposit of one or more items with a neutral and unbiased third party, who is referred to as the "escrow agent." The escrow agent then holds the item(s) for eventual distribution to a specific party contingent upon the occurrence of certain predefined conditions. Back to Top
What is "intellectual property escrow"?Intellectual property escrow refers to any of several different types of transactions in which a developer of various intangible assets, or "intellectual property" (such as software, inventions, know-how, trade secrets, etc.) deposits materials representing the intellectual property with an escrow agent. The escrow agent also receives specific instructions regarding when, how, and to whom the deposit materials should be released. The beneficiary to the escrow agreement is the party that receives the deposit materials once the predefined conditions have been met. Back to Top
Is IP escrow different than real estate escrow?Yes. 'IP" stands for intellectual property. Although involving a property right, intellectual property and real property have significant legal and factual differences. So, if you are looking for escrow services for intellectual property materials, it is important to identify an escrow agent that has knowledge and experience with IP escrow. Back to Top
Can my attorney be my escrow agent?It depends. Sometimes, in limited circumstances, an attorney can be an escrow agent. However, attorneys are obligated to zealously represent the interest of their particular client. When an attorney represents one party to a transaction, that attorney's representative duties are fundamentally inconsistent with the primary characteristic of an escrow agent: neutrality. It is for this very reason that many state bar organizations recommend against or prohibit an attorney from conducting escrow activities. Back to Top
Why should I select Escrow West?Besides our firm commitment to excellent customer service, we constantly strive to control our overhead without diminishing the quality of our services. As a result, we are able to offer our professional, dependable services with affordable pricing that benefits companies of all sizes, especially those in their start-up or emerging-growth phases. Back to Top
Are Escrow West's agreements and services customizable?For the most part, yes. Our form agreements, available upon request, are drafted to address the situations and circumstances most commonly experienced by clients seeking escrow services. However, if you have particular needs, we would be happy to negotiate an appropriate customized agreement for you. Similarly, Escrow West provides scalable levels of service for the basic escrow components of verification and deposit material storage. While the basic level of each service component helps ensure that each client's fundamental interests are protected, the available additional levels of service can meet the needs of clients having more demanding requirements. Back to Top
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