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. It may be money, intellectual property, or it could even be important 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. It is the licensee or the company of the software who will be the ones to request escrow agents to hold it for them. 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.
It is the programmer who writes a source code in order to create 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. Anyone who is familiar or have the experience about software executable source code can now create applications by themselves. 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.
There are also issues regarding fraud or deceptions nowadays. And it usually involve huge amount 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. 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. The services offered by software escrow services are: software escrow, technology escrow, as well as software escrow.