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. 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. The ones who will be requesting the agent hold it is the licensee or the company of the software. 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 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. 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. When bankruptcy is filed by the company who developed the software, or if they were not able to deliver the updates and even maintenance of the software that they have actually promised, then escrow agents are expected to release the source code of the software to the licensee so that they will be able to 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. 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. 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. 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. The services offered by software escrow services are: software escrow, technology escrow, as well as software escrow.