Important Things You Should Know About Software Escrow Services
Escrow basically means a contract that deals with protection between parties who deposit something of high value to a third party being the agent. It may be money, intellectual property, or it could even be important documents. 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. The ones who will be requesting the agent hold it is the licensee or the company of the software. 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 particular program can be created by a programmer by writing a source code. 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. 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. 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 could actually cost you a huge amount of money and the time it takes to finish it could mean 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. 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.