Terms around Escrow Escrow

The term escrow comes from Anglo-American countries and was used in the area of payment transactions and securing deliveries. Escrow therefore means securing a service that is to be rendered. Both (or more) contractual partners of an impending transaction are protected.

Increasingly, supply and cooperation agreements contain so-called escrow clauses, i.e. the obligation for a supplier to deposit selected fundamentals of a business relationship with a trustee. The trustee has the obligation to keep the documents safe and to hand them over to the beneficiaries if previously defined circumstances should arise. It is therefore about the secure and traceable storage of digital goods.

The escrow agent is a trustee. This stores the (digital) goods to be protected. Storage preferably takes place in a verified and ISO-certified storage facility. Furthermore, the escrow agent logs all processes. This ensures the safety of all partners involved.

The supplier, in the sense of Escrow¸, is the contractual partner who stores digital data with the escrow agent, i.e. "delivers it".

The beneficiary(s) are the contractual partner(s) who should receive the stored escrow data in the defined escrow case.

A contract between the supplier, beneficiary and the escrow agent clearly defines the circumstances under which the escrow agent may deliver the data to the beneficiary. This could be, for example, an insolvency of the supplier that can be verified by the escrow agent. The escrow agent can provide contract templates.

One (or more) deposit is nothing more than a package of digital packages, i.e. packed files. The escrow contract between the parties regulates which files are to be stored with the escrow agent.

ISO/IEC 27001 is an international and internationally recognized standard for information security in organizations. It describes the requirements for setting up, implementing, operating and optimizing a documented information security management system.

Of course, DENIC Services GmbH & Co.KG is ISO27001 certified.

This ISO standard describes the so-called continuity management or in English also Business Continuity Management (BCM). This means that the holder of this certification has demonstrated through a test procedure that operation is guaranteed at all times, even in the event of a malfunction.

Of course, DENIC Services GmbH & Co.KG is ISO22301 certified.

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