Guide to 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.
The one in charge of the maintenance is the licensee who requests basic escrow.
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.
In order to do so you should get the updated copy of the source code. Most licensors will be reluctant to give out the source code because this represents a trade secret which is actually closely guarded.
In the solution offered by software escrow services which can help do away with conflicts of interest, and if the maintenance of the software cannot be assured as stated in the contract agreed between the two parties, then the licensed person is assured that he can get his access to the source code.
What you can benefit from a software escrow services is free software.
If you are going to sign an agreement contract with a software licensor make sure you know what the terms and conditions are by reading everything carefully which is easy as they are written in black and white.
There is a good description in the escrow agreement which applies to clients who seek to develop custom software and that which is not 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. Free software are also referred to as open source or 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.
Licensees can certify software evolution and maintain and upgrade functionalities over time with the optional services provided by the escrow agent. It give the licensee the ability to maintain an application in-house indefinitely or gives the licensee the luxury of taking its time until the replacement technology can be identified and implemented with a new vendor.