Wake Up Call: Technical Verification Now!
Posted by Chris Smith on Wed, Sep 08, 2010
Wake Up Call from Escrow Associates
One of our clients, a software End-User, called today in a panic after learning that one of their mission critical software vendors will be filing for bankruptcy soon. Despite our continuous notifications to both sides, the software vendor has been slow to update the technology in escrow. Fortunately, Escrow Associates has kept them in the loop as to what is on deposit. Now, the beneficiary is having Escrow Associates perform a technical verification to determine if the beneficiary has all they need to “live” off of the escrow deposit materials should the software vendor cease to be able to support the product.
I’ll post more as this story unfolds…