Software Escrow Services – Providing Maximum Security of Your Properties
When you talk about escrow it basically refers to an agreement which involves a third party who will hold the properties and assets in behalf of the transacting parties. The escrow agent can possibly hold money, intellectual property, or documents. The items that the agent is keeping will be protected until certain instructions are given to them. A software is believed to be in escrow if the source code of a particular file is protected by a third party or the escrow agent. The agency that has plans in using the software can as the agents to keep the software. Software escrow services are usually done by two parties which are both involved in a a software licensee transaction.
Makers of different programs write their own source code for their creation. 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. As long as you have the right knowledge about software executable source code it is very much possible for you to have your own program or application. For software developers it is a must for them to assure their clients that whatever things that may happen, they will have the access to the source code of your program, this is where an escrow agent comes in play, they will only disclose the codes if there is a breach of contract made by software developer.
It is already a prevailing situation that there are some unscrupulous individuals that might take advantage of people’s business. Most of the time, there is a big amount of money involved in this type of transaction. With the help of an escrow contract, buyers of particular software are protected and far from danger, this is even better since there is an involvement of source code and software. 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.
It is vital for software developers to enter in this kind of agreement for this will not just benefits their clients but to the as well. It is a prevailing fact that developing one’s program and software could be time consuming; this might even go for months and even years at the same time pricey. The main objective of having an escrow agent is for both parties to have a mediator of the process who will be the one to setup the terms and conditions in the whole contract and of course both parties will be there to discuss everything in it as well. 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.