| gen. |
escrow (This term has two meanings: • In the context of execution of documents, where a document is delivered in escrow, it will have been executed by all parties and cannot be recalled. The document will not take effect until the fulfilment of the specific condition(s) (the escrow condition(s)). Any escrow condition must be set out in writing. If the escrow condition is never fulfilled, the document will never take effect. • In the context of information technology, the independent storage of the source code (by an escrow agent) on terms that permit the release of such a code on the occurrence of specified events. + escrow USA A legal arrangement in which an asset (such as cash or stock) is deposited into an escrow account under the trust of a third party (the escrow agent) until satisfaction of a contractual contingency or condition. PLG Alexander Demidov) |
