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. These things will be held by the agent until there is a certain condition met. 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. 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.
It is the programmer who writes a source code in order to create a particular program. 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. Ones that would involve a great deal 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. In order to make both parties understand just exactly what they have to expect from software escrow agent, an agreement will be set up with both the licensee and licencor. 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. You can actually choose from the following software escrow: source code escrow, software escrow, and technology escrow services.