Why Companies Use Software Escrow Services
Are you familiar of software escrow services? How can it benefit us? This article will give you more ideas and insights about software escrow services and its benefits.
Definition of Software Escrow Service
When we talk of software escrow service, we refer to the software source code deposit that includes agent for third party escrow. Well, the word “escrow” refers to the contract of the two parties for depositing valuables to the agent as third party. It serves as their protection for these valuables like documents, money, intellectual property, and etc. These things are regarded as escrow when held by third parties, especially the source codes. The licensees of these products, or those who utilize the computer program can order their 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. These executable files are standalone and can run on their own, hence it is ready for use by the computer users. However, when issues arise, computer software developers will not be able to maintain or to update them, thus escrow agents released the source does to the licensees so they will be the ones to make updates and changes when needed. 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. Adhere to the pointers and guidelines listed below to help you find reputable and dependable 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. Be sure to select a service provider that serves your goals and intentions well.
3. You are advised to check, to review and to understand the guidelines and conditions stipulated on the contracts before signing them. Whenever you have questions, issues and doubts, you are advised to call and to confer with your lawyers so they will explain them to you thoroughly.
4. Opt for those escrow service providers which contracts are applicable not just to you but also to your customers.
Be sure to follow the pointers showcased in here whenever you are planning to get the services of these companies.