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.
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.
Escrow has necessities that need to be met, and the parties who are licensed to have this should understand this. Software escrow service offer custom software to different companies which are very vital to the company itself.
The operations and maintenance of the company should continue even if the licensure is not in the position do so whatever the reason may be.
In order to do so you should 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.
Software escrow services then have a solution which will do away with this conflict of interest, where the source code escrow will assure that the licensed person can get his access to the source code when it has been established that the maintenance of the software cannot be assured as it was stated in the contract agreement which has been agreed upon by the two parties.
What you can benefit from a software escrow services is free software.
Before signing any contract, you need to understand what it entails so it is important to read the fine lines of the terms and conditions which are written to you 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. 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.
Escrow agents can provide optional services which can help licensees to certify the evolution of the software and maintain and upgrade functionalities over time. It give the licensee the ability to maintain an application in-house indefinitely or gives the licensee the luxury of taking its time until the replacement technology can be identified and implemented with a new vendor.