Important Things You Should Know About Software Escrow Services
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. And by something valuable, it could mean documents, money, or even intellectual property. The agent may hold such valuables until a certain condition. So with that in mind, a software is said to be in escrow if a third party, or escrow agent, is holding the source code of the software. The ones who will be requesting the agent hold it is the licensee or the company of the software. 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 programmer writes a source code in order to make a particular program. Some of these programs have source codes that can be transferred to programs known as executable programs (files with “.exe” extensions), so it means to say that a user will be able to use the program applications so that it would be easier for users to install. 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. 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. Given the fact that the costs involved in developing software these days are quite high, an escrow agent will be the best thing for you to gain some protection.
With escrow, the software developer will now be protected against fraud. Developing software programs could not only take you months or years but a huge amount of money as well. 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. In case the terms of conditions are not fulfilled, you can expect the escrow agent to take appropriate actions within the escrow agreement decided by both parties. 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.