The Essence of Using Software Escrow Services
When you talk about escrow it basically refers to an agreement which involves a third party who will hold the properties and assets in behalf of the transacting parties. The escrow agent can possibly hold money, intellectual property, or documents. All the valuable items are protected by the agent until certain instructions are given by the two parties. A software is believed to be in escrow if the source code of a particular file is protected by a third party or the escrow agent. The company who will use the software can ask the agent to hold it in their behalf Software escrow services are usually done by two parties which are both involved in a a software licensee transaction.
Makers of different programs write their own source code for their creation. Source codes are important in the world of programming, if these codes are not protected then one can just obtain them and install the whole program in their respective device. Just by having a background about applications with executable source code will allow a person to devise their own program. If there is any breach of contract that the software developers made like bankruptcy and inability to update their software then it is possible for clients to gain access with the source code of their software through the escrow agent.
There are a number of individuals nowadays who are a victim of fraud and deception. Most of the time these transactions involve substantial amount of money. Since there is now an involvement of software and source code in an escrow contract, buyers of software can be assured that they are safe from those individuals who might lure them. If you want to be safe whenever you purchase software to a particular developer then you must keep in mind and apply this so called escrow agreement, this way you can avoid scams.
It is vital for software developers to enter in this kind of agreement for this will not just benefits their clients but to the as well. It is a prevailing fact that developing one’s program and software could be time consuming; this might even go for months and even years at the same time pricey. The software escrow agent will serve as the mediator of the licensee and the licensor not only they will mediate the transaction but also do all the necessary things for the agreement. If by any chance any of the two parties involve in the contract have performed any breach of contract then the escrow agent has the right take action as mandated by the agreement.