Software Escrow Services – Providing Maximum Security of Your Properties
Escrow usually refers to an agreement between two entities who entrust valuable assets to a third party or a mediator in the transaction process. The valuables could be in a form of intellectual property, documents or money. All the valuable items are protected by the agent until certain instructions are given by the two parties. A software is called an escrow if the source code is kept confidential by an escrow agent of the third party. The company who will use the software can ask the agent to hold it in their behalf 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. For those who have some knowledge in software executable source code will be able to devise an application they can call their own. 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 these transactions involve substantial amount of money. Since there is now an involvement of software and source code in an escrow contract, buyers of software can be assured that they are safe from those individuals who might lure them. As of today, more and more people create programs and software that are sold in the market and clients should know that there is already a safer way to purchase and that is through an escrow agreement.
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. This is the right time to have a software escrow agent that will serve as the mediator of the whole transaction of the two parties, what they will do is setup the whole contract and let the two parties understand everything that they need to know. 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.