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Software Escrow Services: What You Need To Know

Escrow basically means a contract that deals with protection between parties who deposit something of high value to a third party being the agent. And by something valuable, it could mean documents, money, or even intellectual property. 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. The ones who will be requesting the agent hold it is the licensee or the company of the software. 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.

A particular program can be created by a programmer by writing a source code. There are programs where source codes are transferable to so that users will be able to use the program applications just by installing them. Anyone who is familiar or have the experience about software executable source code can now create applications by themselves. When the developer of the software files for bankruptcy, or perhaps they were not able to deliver on the updates and maintenance of the software that they promised, the escrow agent will now have the authority to release the software source code to the licensee so that they can work with it.

Issues regarding fraud is actually on the rise these days. And it usually involve huge amount of money. Using escrow agreement will give the purchase some form of protection that is definitely as effective as anybody can expect it to be. As there seems to be quite an incredible cost involved in developing some software these days, it would be best if you avail software escrow services.

The software developer will enjoy protection especially against fraud if they use escrow. Developing software programs could not only take you months or years but a huge amount of money as well. Software escrow agent will have to set up an agreement with both the licensee as well as the licencor just so both parties will be able to understand what exactly is expected of them. Should they fail to meet the terms of condition, the escrow agent will then take proper action that is already decided in the escrow agreement. Here are the services you can avail from software escrow: software escrow, technology escrow, and source code escrow services whichever would match your business needs.