Important Things You Should Know About Software Escrow Services
Escrow is a contract that is able to protect two parties who may deposit something very valuable to an agent being the third party. And by something valuable, it could mean documents, money, or even intellectual property. The agent will be expected to take a hold of such valuable things until everybody reaches 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. In other words, when you talk about software escrow services, it considered to be a form of protection to the licensee of the software to make sure that they will be able to access the source code when things go wrong.
A programmer writes a source code in order to make a particular program. Some programs are made with a source code that is transferable to executable programs (such as files with extensions ending in “.exe”), so that users can simply use the program application just by simply installing them to their computers. People who knows or have the experience about software executable source code can easily create applications without any difficulty. 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.
There are also issues regarding fraud or deceptions nowadays. And it usually involve huge amount 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 some software programs would actually involve a huge amount of money and it could take 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. 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. You can actually choose from the following software escrow: source code escrow, software escrow, and technology escrow services.