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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. So, when it comes to software, it will be in escrow once a third party, also known as an escrow agent, is taking hold of the source code of such 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. The main benefit of having software escrow services is to protect the licensee of the software making sure that they will still gain access to the source code even if something goes wrong.
It is the programmer who writes a source code in order to create a particular program. 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. 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.
Issues regarding fraud is actually on the rise these days. Ones that would involve a great deal of money. The purchaser will have protection if he is able to use an escrow agreement and is even more effective as far as source code and software 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 could actually cost you a huge amount of money and the time it takes to finish it could mean 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. The escrow agent will have to take appropriate action whenever the terms of condition are not met which has already been decided in the escrow agreement. You can actually choose from the following software escrow: source code escrow, software escrow, and technology escrow services.