Notice of
Software Security and Escrow Arrangement of
WorldSharp Technologies, Inc.
WorldSharp Technologies, Inc. considers protecting your investment in provided software to be very important. To that end, WorldSharp has taken a number of steps to insure continued security, maintenance and service of the software.
Escrow
Agreement:
WorldSharp Technologies, Inc. agrees to deposit the
source code for its Software Systems with an Escrow Agent. This is to insure maintenance continuity for
clients using those Software Systems in the event of bankruptcy, insolvency,
dissolution or abandonment of WorldSharp Technologies, Inc. These conditions
will trigger what is called Release Activation. In some cases the deposited
material could also be used in disaster recovery.
Escrow
Agent:
Tomas K Nims &
Associates,
Escrow
Deposits:
WorldSharp Technologies, Inc. will deliver to the Escrow Agent the source code, any required object code, documentation and a compiled executable copy of the latest version of covered software. This will be delivered on machine-readable media that is reasonable for the Escrow Agent to store. This material will include instructions and programmer notes that might be necessary to maintain and compile the software. This material will be delivered quarterly. At the option of WorldSharp Technologies, Inc., this material may be delivered more often if major updates to the software occur.
Current
Clients:
WorldSharp Technologies, Inc. will deliver to the Escrow Agent a list (with names, addresses, contact information and next due date) of the WorldSharp Technologies, Inc. clients that have paid maintenance contracts. Information for clients with expired or past due maintenance contracts will not be delivered to Escrow Agent.
Escrow
Agent Duties:
The Escrow Agent will store the material in a reasonably safe environment suitable for electronic media. The Escrow Agent may destroy material that is over one year old. In the event of Release Activation, the Escrow Agent will immediately make a copy of the current material and move that copy to an off site location for disaster recovery.
Upon
Release Activation:
Upon determining that Release Activation should
occur, either by notification of WorldSharp Technologies, Inc. or a client of
WorldSharp Technologies, Inc., the Escrow Agent is instructed to do the
following. At the Escrow Agent’s
discretion, he will do one of the following. 1.
Start maintaining the software systems and continue to bill and honor
all of the existing maintenance contracts.
2. Locate another Software Company to take over maintenance of the
software systems and continue to bill and honor all of the existing maintenance
contracts. 3. Notify current clients that they may request
copies of the source code materials. If
the third item is chosen, the Escrow Agent will ship copies of the most current
material to each client requesting copies as soon as that client pays a $200 fee
for the copying, handling and shipping.
A client receiving the material may only use the material for his
company and must still follow all of the provisions of the maintenance
contract. Release Activation does not
mean the source code is released into public domain. All copyrights, patents and trademarks
pertaining to the software are transferred to the Escrow Agent unless otherwise
stipulated by a bankruptcy court.