There are multiple organizations that offer Intellectual Property Escrow Services.
How can you make sense of it all?
Key features worth noting when selecting an Escrow Provider include:
Experience & Longevity
How long has the Escrow Provider been protecting intellectual property? Although price is an important consideration, an equally important one involves the number of years that the Escrow Provider has been protecting intellectual property, as well as the number of customers that have placed their trust with the Escrow Provider. Longevity is synonymous with “experience”. . . . and experience counts when selecting your Provider.
Immediate, Professional Attention
There is nothing more irritating than being interested in a Service and waiting for the Provider to get around to providing it to you. Organizations that offer intellectual property Escrow Services are in the “Service Industry”. Selecting a Provider that offers immediate, professional attention to your needs (including replying promptly to information requests) is invaluable.
Can the Provider Support Special Needs?
An Escrow Provider that can address your needs (regardless of how simple or complex) is important. Multiple storage options may be required. Customers may require semi-annual reports for auditing purposes. Escrow Providers who have been in the marketplace for years have ‘experienced it all’ and should be able to address your needs.
Can the Provider offer multiple types of Escrow Arrangements?
Whether your Escrow needs are simplistic in nature (1 Technology Vendor / 1 Licensee) or complex (1 Technology Vendor / Multiple Licensees), a key feature to look for is whether the Provider can accommodate your needs and produce Escrow Agreements that satisfy your requirements.
Prompt Notification to the Parties?
Once a deposit has been submitted into escrow, it is imperative that the Escrow Provider notify the parties that the materials are in its possession. Prompt notifications by the Escrow Provider to the Technology Vendor and Licensee are important in an effort to avoid confusion.
The support of both Physical & Electronic Storage
An Escrow Provider’s ability to support both Physical & Electronic deposits is important. Some customers may require redundant physical storage of materials; whereas others may require redundant electronic storage.
Let’s face it. . . price matters! Selecting a Provider that offers a simple, easy-to-understand, cost-effective pricing simplifies the entire process.