Why Companies Use Software Escrow Services
Do you know what software escrow services are? How can it benefit us? If this is the first time that you heard about software escrow service, then you can benefit by reading this article further.
What Software Escrow Service Is?
Software escrow service is the computer software source code deposit for also include the third party software escrow agent. The term “escrow” connotes the contract of the two parties for the deposit of the valuables to agents as third party. These contracts are serve as their protection for the valuables they have like money, intellectual property, documents and etc. These things will be considered escrow when these are held by third parties, especially the source code. The licensees of these computer software, or the businesses that utilize it can request agents to hold. In simple terms, these escrow services serve as protection for the computer software licensees so they will still access its source codes the moment issues arise. When these problems, like bankruptcies and lawsuits, the licensors will not be able to update or maintain the computer software as what is agreed on the agreement, hence the source codes are released to licensees.
The software programmers developed the source codes of the computer software, which are processed to become executable files with .exe extensions. As the name executable file connotes, it simply means that these computer programs are standalone and are ready for use by computer users. Nonetheless, when problems arise, the software developers will not be able to make changes and updates, thus the escrow agents transferred the rights to the licensees so they will be the ones to make the needed updates and maintenance when necessary. Because of these deals, the products will still operate and will still serve its purposes well even if the licensors are absent. Due to the importance of escrow services, it is vital for computer programmers to choose its provider wisely. Follow the suggestions listed below to assist you in finding reputable escrow service providers.
1. Software developers should do their share of research and homework first so as to determine which escrow services providers are established, reputable and legit.
2. They should choose one which fit their requirements and which serve their purpose best.
3. Be sure to check and to read the contract first before inking one. Should you have concerns and doubts, you should call your trusted lawyer to explain it to you.
4. Check the contracts if these are applicable to you and your clients.
You should adhere to the tips and suggestions found in this write-up should you want to get the services of these tradesmen.