Software Escrow Services: What You Need To Know
Escrow is a contract that is able to protect two parties who may deposit something very valuable to an agent being the third party. It may involve money, intellectual property, or it could be documents. The agent will be expected to take a hold of such valuable things until everybody reaches a certain condition. So, when it comes to software, it will be in escrow once a third party, also known as an escrow agent, is taking hold of the source code of such software. It is the licensee or the company of the software who will be the ones to request escrow agents to hold it for them. The main benefit of having software escrow services is to protect the licensee of the software making sure that they will still gain access to the source code even if something goes wrong.
A particular program can be created by a programmer by writing a source code. There are programs where source codes are transferable to so that users will be able to use the program applications just by installing them. People who knows or have the experience about software executable source code can easily create applications without any difficulty. When the developer of the software files for bankruptcy, or perhaps they were not able to deliver on the updates and maintenance of the software that they promised, the escrow agent will now have the authority to release the software source code to the licensee so that they can work with it.
You should also know for a fact that there have been issues of deceptions for this. Ones that would involve a great deal of money. The purchaser will have protection if he is able to use an escrow agreement and is even more effective as far as source code and software are involved. As there seems to be quite an incredible cost involved in developing some software these days, it would be best if you avail software escrow services.
The software developer will enjoy protection especially against fraud if they use escrow. Developing software programs could not only take you months or years but a huge amount of money as well. The licensee and the licencor will have to be in agreement which will be set up by the software escrow agent in order to make both parties understand what they are to expect. The escrow agent will have to take appropriate action whenever the terms of condition are not met which has already been decided in the escrow agreement. Here are the services you can avail from software escrow: software escrow, technology escrow, and source code escrow services whichever would match your business needs.