The Major Benefits You Get From Software Escrow Services
Escrow is a contract that is able to protect two parties who may deposit something very valuable to an agent being the third party. It may involve money, intellectual property, or it could be documents. The agent may hold such valuables until 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 software’s licensee or the company who is utilizing the software will be the ones to request the agent to hold. 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 familiar or have the experience about software executable source code can now create applications by themselves. 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. Using escrow agreement will give the purchase some form of protection that is definitely as effective as anybody can expect it to be. Given the fact that the costs involved in developing software these days are quite high, an escrow agent will be the best thing for you to gain some protection.
The best thing about escrow is that the software developer will be able to protect himself against fraud. 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.