The Essence of Using Software Escrow Services
Escrow usually refers to an agreement between two entities who entrust valuable assets to a third party or a mediator in the transaction process. The things that both parties deposit to an escrow agent could be in a form of documents, money, and intellectual property. If there are no certain instructions passed to the escrow agent then all valuables will be keep in protected by them. A software is believed to be in escrow if the source code of a particular file is protected by a third party or the escrow agent. The one capable for asking the agents to keep the software are the ones who will be using the software. Software escrow services are usually done by two parties which are both involved in a a software licensee transaction.
In order for programmers to make their own program they make use of source codes. Source codes are important in the world of programming, if these codes are not protected then one can just obtain them and install the whole program in their respective device. Just by having a background about applications with executable source code will allow a person to devise their own program. If there is any breach of contract that the software developers made like bankruptcy and inability to update their software then it is possible for clients to gain access with the source code of their software through the escrow agent.
It is already a known fact that some people nowadays take advantage of other people. Most of the time these transactions involve substantial amount of money. Gone were the days wherein, buyers of different programs or applications are not safe from hoax and scam since they now have an escrow agreement which involves the source code of the applications sold by the developers. If you want to be safe whenever you purchase software to a particular developer then you must keep in mind and apply this so called escrow agreement, this way you can avoid scams.
The clients are not just the one protected from fraud but also those who are makers of the program itself. Having your own software is not as easy as you think this will require a lot of time, money and effort on your part which is why entering in some kind of agreement is very essential. The software escrow agent will serve as the mediator of the licensee and the licensor not only they will mediate the transaction but also do all the necessary things for the agreement. If by any chance any of the two parties violated any rule or part of the agreement then the escrow agent has every right to perform necessary actions as mandated in the contract or agreement that they have formulated.