Important Things You Should Know About 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 be money, intellectual property, or it could even be important 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 ones who will be requesting the agent hold it is the licensee or the company of the software. 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.
A programmer writes a source code in order to make 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. 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.
You should also know for a fact that there have been issues of deceptions for this. And it usually involve huge amount of money. If you use an escrow agreement, the one who purchased it will certainly have some form of protection that is effective as far as software and source code 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.
With escrow, the software developer will now be protected against fraud. 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. 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. You can actually choose from the following software escrow: source code escrow, software escrow, and technology escrow services.
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