Contract monitoring and escrow in a critical software project
2023 · international · completed
Teaser
The software project of a digital investment platform was at risk of failing at the interfaces. THI held the outstanding remuneration in a trust account and developed, together with the contracting parties, criteria for payment following documented handover steps for the software assets – through to confirmed completion.
Background
Background
A digital investment platform had commissioned an external developer to produce software for marketing its investment products. Performance ran into crisis at the technical interfaces; the handover of the work results and the settlement of the outstanding remuneration had to be decoupled from the conflict and secured against each other.
THI’s role
THI’s role
On the basis of a fiduciary agreement and an escrow agreement, THI held the outstanding remuneration in a trust account and paid it out in instalments – in each case after formal determination that the contractually defined payment conditions had been met. THI personally supervised the handover of the software assets (code repositories, runtime environments, design and project data) in joint handover meetings of the parties, checked completeness against the agreed handover list and documented every step in signed confirmation notes. THI conducted the handover and acceptance meetings with the internationally distributed development team in English by video conference.
Result
Result
The assets were transferred in full and the outstanding remuneration was settled step by step. The project was de-escalated and continued by the principal.
Direct contact
Dr Joël B. Münch
Jeannette Döhler
Response within one business day.