The Importance of Software Escrow Services to Software Developers and Companies
Do you know what software escrow services are? Is it beneficial to companies and software programmers? 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?
When we talk of software escrow service, we refer to the software source code deposit that includes agent for third party escrow. Actually, the word “escrow” means the contract of the two parties for the deposit of valuables to third party as agent. It serves as their protection for these valuables like documents, money, intellectual property, and etc. These items are considered escrow when held by the third parties, particularly the software course codes. The licensees of these computer software, or the businesses that utilize it can request agents to hold. In laymen’s terms, these escrow services will serve as the protection of computer software licensees so they can access the source codes whenever issues and problems 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. Since these executable files are standalone, users can install and use it whenever they want to. Nevertheless, when issues and problems arise, the software developers are hindered to make the changes, updates and maintenance to the source codes, thus escrow agents transferred these tasks are to the software’s licensees. Because of these contracts, the products will still serve its purposes despite the absence of the licensor. To prevent escrow-related issues and problems from arising, software developers are advised to choose their escrow service providers wisely and carefully. 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. They should choose one which fit their requirements and which serve their purpose best.
3. You are advised to check, to review and to understand the guidelines and conditions stipulated on the contracts before signing them. Should you have concerns and doubts, you should call your trusted lawyer to explain it to you.
4. You are advised to thoroughly check the contracts if these are suitable and applicable to you and to 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.