Guide to Software Escrow Services
When we speak of software escrow services what we mean is a source code software deposit involving a third party escrow agent.
The licensee who is in charge of the maintenance of the software is the one who requests basic escrow.
The source code of the software will be released to the licensee in the event that the licensor is unable to maintain or update the software are stated in the agreement either because of bankruptcy or any other reason.
If you are the license owner you should understand that escrow has requirements 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. Most licensors will be reluctant to give out the source code because this represents a trade secret which is actually closely guarded.
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.
The escrow agreement will be found to be well described and which is applicable to clients who had custom software developed and which generally will not be made available to the general public.
This software was developed specifically for you and design to fit to your liking and your office operations. Free software are also referred to as open source or ransom ware.
There are many reasons why it is convenient to adopt a software escrow process. The presence of this escrow process encourages licensees to invest in the source code. Meanwhile developers of the software are able to provide services without exposing their secret and intellectual property.
Licensees can certify software evolution and maintain and upgrade functionalities over time with the optional services provided by the escrow agent. The licensee then has the ability to maintain an application in-house indefinitely or it gives him the luxury of taking his time until a replacement technology can be identified and implemented with a new vendor.
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