Software Escrow Services – Providing Maximum Security of Your Properties
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. If there are no certain instructions passed to the escrow agent then all valuables will be keep in protected by them. 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 agency that has plans in using the software can as the agents to keep the software. Software escrow services are usually done by two parties which are both involved in a a software licensee transaction.
A programmer can only make a program if they have with them their source code. 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.
It is already a prevailing situation that there are some unscrupulous individuals that might take advantage of people’s business. Most of the time, there is a big amount of money involved in this type of transaction. Gone were the days wherein, buyers of different programs or applications are not safe from hoax and scam since they now have an escrow agreement which involves the source code of the applications sold by the developers. The price or rate of creating software is increasing these days and one way to keep you safe whenever you purchase software through the use of software escrow services.
This type of agreement is not just beneficial to clients but also to the makers of the software. Having your own software is not as easy as you think this will require a lot of time, money and effort on your part which is why entering in some kind of agreement is very essential. 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 violated any rule or part of the agreement then the escrow agent has every right to perform necessary actions as mandated in the contract or agreement that they have formulated.