Software Escrow Services: What You Need To Know
When you talk about escrow, it basically means a contract which usually means protection between two parties who were able to deposit something of value to the third party as the agent. It may involve money, intellectual property, or it could be documents. The agent may hold such valuables until a certain condition. In this case, if a software is in escrow, it means that the source code of such software is currently being held by an escrow agent. It is the licensee or the company of the software who will be the ones to request escrow agents to hold it for them. Therefore, to put it simply, software escrow services is made in order to protect the software’s licensee so that they will still be able to access the source code in case something goes wrong.
A programmer writes a source code in order to make a particular program. There are programs where source codes are transferable to so that users will be able to use the program applications just by installing them. Anyone who is knowledgeable or those who have the experience about such executable source code will then be able to create applications by their own. The escrow agent can actually release the software source code to the licensee when the developer company of the software fails to deliver on the updates and maintenance of the software or if they file for bankruptcy.
Issues regarding fraud is actually on the rise these days. And it usually involve huge amount of money. Using escrow agreement will give the purchase some form of protection that is definitely as effective as anybody can expect it to be. With the cost involved in software developing these days, you will definitely enjoy the benefits given by the services of escrow agents.
With escrow, the software developer will now be protected against fraud. Developing some software programs could actually cost you a huge amount of money and the time it takes to finish it could mean months or even years. Software escrow agent will have to set up an agreement with both the licensee as well as the licencor just so both parties will be able to understand what exactly is expected of them. Should they fail to meet the terms of condition, the escrow agent will then take proper action that is already 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.