What Are 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 one in charge of the maintenance is the licensee who requests basic escrow.
If the licensor gets bankrupt or any other reason that he fails to maintain or update the software as formally agreed upon, then the source code of the software will be released to the licensee.
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. However, licensors are often reluctant to agree to this because the source code represents a trade secret and generally as you may expect, this is closely guarded.
In the solution offered by software escrow services which can help do away with conflicts of interest, and if the maintenance of the software cannot be assured as stated in the contract agreed between the two parties, then the licensed person is assured that he can get his access to the source code.
Free software is one of the benefits that come along with the software escrow services.
If you are going to sign an agreement contract with a software licensor make sure you know what the terms and conditions are by reading everything carefully which is easy as they are written in black and white.
The escrow agreement is well described and is applicable to clients who seek custom software development which generally will not be made available to the general public.
It is not available to any other entity because the software was specifically designed for you to fit your needs and useful for your office operations. Free software are also referred to as open source or ransom ware.
Many companies adopt a software escrow process because of its benefits. 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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