Why you need an Escrow arrangement for your Contract Management

Reading time: 12 minutes

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Why you need an Escrow arrangement for your Contract Management

Introduction

You just have fire insurance. The same principle should apply to your most important data. In this eBook you will learn what an escrow arrangement for cloud contract management entails and why you need it.

How do you ensure business continuity if your contract management cloud supplier goes bankrupt?

We can already tell you our answer: with an escrow arrangement.

Contract Management eBook: Why you need an Escrow arrangement for your Contract Management

Contract Management Cloud Evaluation ISO 27001 Business Continuity Insurance Escrow arrangement

How do you manage contracts in the cloud era?

Your Cloud supplier goes bankrupt. And then?

Reading times: 12 minutes

Content eBook

What is this eBook about?

How do you manage contracts in the cloud era?

A contract is not much more than a collection of agreements. You want to have a grip on compliance with those agreements. For example:

- Cancel before date x, otherwise the contract will be extended for period y

- Satisfy condition y on date x, otherwise pay amount z

- Intention x is discussed during evaluation moment y

That is why a (good) cloud solution for contract management sends the right person the right notification about an appointment at the right time.

Your Cloud supplier goes bankrupt. And then?

Imagine your cloud vendor goes bankrupt. The chances are slim, but it can happen. For example, due to a claim for damages from a third party.

The bankrupt company can no longer meet its payment obligations. This entails risks for you as a customer. Is your data still stored securely? Will it not be removed? How do you get access?

A regular data dump (backup) is often mentioned as a solution, but what can you do with that raw data in the case of contract management?

The data itself does not send a notification to the right person at the right time.

Contract Management Solution

A contract management cloud solution sends the right person a notification about important agreements at the right time.

Automated notifications

You always want to get those notifications. Even if your cloud supplier goes bankrupt. An escrow arrangement provides for this.

Continuity arrangement

That is why many organizations opt for the continuity arrangement of Mochadocs and Escrow4all. You can continue to use the cloud solution for up to a year after bankruptcy. This ensures peace and security.