IoT Escrow

Connected Products Need a Connected Safety Net.

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An IoT product isn’t just hardware, and it isn’t just software — it’s both, working together. If your company can’t continue supporting the device, your customer needs the physical designs and the firmware that brings them to life. PRAXIS IoT Escrow is the only escrow built around that reality from the ground up.

Why IoT Escrow

Standard escrow agreements were built for one or the other — software, or hardware. IoT products live in between. PRAXIS IoT Escrow treats your connected product as what it is: a single, integrated deposit combining physical design materials and firmware/software source code, so your beneficiary can actually keep the product running end to end.

What’s Held in Escrow

  • Product designs, schematics, and bills of materials
  • Manufacturing and assembly instructions
  • Firmware and software source code
  • Build instructions and related technical documentation

Verification That Matches Your Product

Because IoT products combine hardware and software, IoT Escrow offers both kinds of verification:

  • Full testing and audit services for the firmware and software components of your deposit
  • A Directed Escrow Deposit Review for the physical hardware components — a guided visual review confirming your documentation is complete

How It Works

  1. Deposit — Submit your combined hardware and firmware/software materials, stored physically and electronically as appropriate.
  2. Verify — Choose full functional testing for your code, a Directed Deposit Review for your hardware, or both.
  3. Release, only if needed — If a defined trigger event occurs, your beneficiary receives everything necessary to keep your connected product running — hardware and software together.

 

"I looked at the classic providers and luckily I continued my search because I remembered the past difficulties with these classic providers. PRAXIS had all the things I was looking for, seamless integration to my development environment, streamlined onboarding processing for new clients, straight forwards pricing model and a responsive customer support mechanism. To date, I have recommended PRAXIS to other startups in a similar situations and will continue to do so."
open legacy praxis escrow
Hans Otharsson,
OpenLegacy

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Frequently Asked Questions

A technology escrow agreement is a type of escrow agreement that can service a very wide range of technology related transactions including but not limited to embedded technology agreements, joint ventures, OEM contracts, IoT agreements and many many more types of arrangements. Anytime a party is relying on business-critical technology that they do not own it might make sense to consider whether or not a technology escrow agreement would be helpful should the technology provider fail to live up to their obligations.

The depositor and beneficiary are often at odds on this issue. Commonly depositors view a request or requirement for an escrow agreement as an insult or some form of distrust. Also, the escrow means extra work and risk for the depositor so they are often reluctant to agree to and fulfill the escrow. The beneficiary is simply trying to protect their business and their investment. As such, the escrow agreement should be negotiated in tandem with the larger agreement (i.e. Software license, SaaS agreement & etc.) and signed at the same time as the larger agreement. Once the larger agreement is signed, the beneficiary loses all leverage with regards to requiring the depositor to fulfill their escrow requirements. The signed escrow agreement is the first step on the continuum of escrow protection, but it Is critical because without the agreement in place the balance of the protections cannot be accessed.

PRAXIS Escrow stands out among technology escrow companies due to its industry-leading expertise. Our comprehensive technology escrow services go beyond storage, acting as a neutral third party to manage the deposit and release of your assets securely.

Absolutely. PRAXIS Escrow offers fully customizable technology escrow agreements to suit your specific business requirements. Whether you’re a software developer, licensee, or investor, our team can tailor an agreement that aligns perfectly with your goals.

Our tech escrow services provide a secure environment for your technology assets. This mitigates the risk of business disruption by ensuring access to critical resources when needed. PRAXIS Escrow’s reputation is built on delivering reliable and secure services to businesses across various industries.

PRAXIS Escrow is trusted by leading businesses for its unwavering commitment to security and reliability. Our track record as one of the top technology escrow companies speaks for itself. We prioritize your business continuity and intellectual property protection.

Initiating your journey with PRAXIS is easy. Contact us today to discuss your specific needs, and our dedicated team will guide you through the process of securing your technological future. Choose PRAXIS for unmatched technology escrow services tailored to your business goals.

Why PRAXIS?

PRAXIS offers the right mix of agreement flexibility, quality protections and experience to help you get real value from your escrow agreement.
PRAXIS Continuum of protection Chart

Contact Us for Unmatched Technology Escrow Solutions

Ready to fortify your business with cutting-edge technology escrow services? Reach out to PRAXIS Escrow today to discuss your specific needs. Our team is dedicated to providing tailored solutions that guarantee the security and continuity of your technology investments. Choose PRAXIS for a future safeguarded against uncertainties.

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