The Major Benefits You Get From 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 involve money, intellectual property, or it could be documents. These things will be held by the agent until there is a certain condition met. 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 software’s licensee or the company who is utilizing the software will be the ones to request the agent to hold. 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 particular program can be created by a programmer by writing a source code. Some programs are made with a source code that is transferable to executable programs (such as files with extensions ending in “.exe”), so that users can simply use the program application just by simply installing them to their computers. People who knows or have the experience about software executable source code can easily create applications without any difficulty. 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.
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. With the cost involved in software developing these days, you will definitely enjoy the benefits given by the services of escrow agents.
The software developer will enjoy protection especially against fraud if they use escrow. Developing software programs could not only take you months or years but a huge amount of money as well. 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. The escrow agent will have to take appropriate action whenever the terms of condition are not met which has already been decided in the escrow agreement. The services offered by software escrow services are: software escrow, technology escrow, as well as software escrow.