Guide to Software Escrow Services
A software escrow services is a source code software deposit which includes a third party escrow agent.
The licensee who is in charge of the maintenance of the software is the one who requests basic escrow.
Failure of the licensor to update or maintain the software as formally agreed upon either because of bankruptcy or any other reason, then the licensee will be give the source code of the software.
Those who are licensed should understand that escrow has necessities that need to be met. The software escrow services offer custom software to different companies which are also vital and critical to the company.
Operations and the maintenance of the company software shall continue regardless of whether the licensor is not in the position to do so because of bankruptcy or other issues.
Doing this is possible if you get the updated copy of the source code. Since source codes are closely guarded trade secrets, you will expect licensors to be reluctant to give it.
The solution given by software escrow services will help resolve this conflict of interest, and in this solution the licensed person will be able to access the source code if the licensor is no longer able to provide software maintenance as agreed upon by the two parties.
What you can benefit from a software escrow services is free software.
You need to understand the point right before singing any contract, and you need to read it for yourself to understand the terms and condition which will be written in black and white.
There is a good description in the escrow agreement which applies to clients who seek to develop custom software and that which is not available to the general public.
This software was developed specifically for you and design to fit to your liking and your office operations. When there is free software it is called open source of ransom ware.
Adopting a software escrow process is convenient for many reasons. Investing in the source code for licensees is encouraged by the presence of this escrow agent. Meanwhile developers of the software are able to provide services without exposing their secret and intellectual property.
Optional services provided by the escrow agent can help licensees to certify the evolution of the software and maintain and upgrade functionalities over time. The ability of maintain an application in-house indefinitely is given to the licensee and also gives the licensee the luxury of taking its time until a new vendor can identify and implement a replacement technology.
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