What I Can Teach You About Companies

Software Escrow Services: What You Need To Know

Escrow basically means a contract that deals with protection between parties who deposit something of high value to a third party being 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 with that in mind, a software is said to be in escrow if a third party, or escrow agent, is holding the source code of the 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.

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. 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.

You should also know for a fact that there have been issues of deceptions for this. And these sometimes involve such a 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. With the cost involved in software developing these days, you will definitely enjoy the benefits given by the services of escrow agents.

With escrow, the software developer will now be protected against fraud. 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. Here are the services you can avail from software escrow: software escrow, technology escrow, and source code escrow services whichever would match your business needs.

Cited reference: Visit Website