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The Major Benefits You Get From Software Escrow Services

Escrow is a contract that is able to protect two parties who may deposit something very valuable to an agent being the third party. It may be money, intellectual property, or it could even be important documents. The agent will be expected to take a hold of such valuable things until everybody reaches a certain condition. So, when it comes to software, it will be in escrow once a third party, also known as an escrow agent, is taking hold of the source code of such software. The ones who will be requesting the agent hold it is the licensee or the company of the software. Therefore, to put it simply, software escrow services is made in order to protect the software’s licensee so that they will still be able to access the source code in case something goes wrong.

It is the programmer who writes a source code in order to create a particular program. Some programs are made with a source code that is transferable to executable programs (such as files with extensions ending in “.exe”), so that users can simply use the program application just by simply installing them to their computers. Anyone who is knowledgeable or those who have the experience about such executable source code will then be able to create applications by their own. The escrow agent can actually release the software source code to the licensee when the developer company of the software fails to deliver on the updates and maintenance of the software or if they file for bankruptcy.

There are also issues regarding fraud or deceptions nowadays. And it usually involve huge amount of money. The purchaser will have protection if he is able to use an escrow agreement and is even more effective as far as source code and software are involved. As there seems to be quite an incredible cost involved in developing some software these days, it would be best if you avail software escrow services.

With escrow, the software developer will now be protected against fraud. Developing some software programs could actually cost you a huge amount of money and the time it takes to finish it could mean months or even years. In order to make both parties understand just exactly what they have to expect from software escrow agent, an agreement will be set up with both the licensee and licencor. In case the terms of conditions are not fulfilled, you can expect the escrow agent to take appropriate actions within the escrow agreement decided by both parties. You can actually choose from the following software escrow: source code escrow, software escrow, and technology escrow services.

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