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Information on 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.
Basic escrow is requested by the licensee who in this case is the one in charge of the maintenance of the software.
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.
Escrow has necessities that need to be met, and the parties who are licensed to have this should understand this. The software escrow services offer custom software to different companies which are also vital and critical to the company.
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.
You should have the updated copy of the source code if you are to do this. 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.
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.
One of the benefits that come along with the 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.
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. When there is free software it is called open source of 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. On the other hand, the company that developed the software can provide its services without exposing its secrets and intellectual property.
Optional services provided by the escrow agent can help licensees to certify the evolution of the software and maintain and upgrade functionalities over time. The ability of maintain an application in-house indefinitely is given to the licensee and also gives the licensee the luxury of taking its time until a new vendor can identify and implement a replacement technology.
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