The Essence of Using Software Escrow Services
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 things that both parties deposit to an escrow agent could be in a form of documents, money, and intellectual property. All the valuable items are protected by the agent until certain instructions are given by the two parties. 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 one capable for asking the agents to keep the software are the ones who will be using the software. Software escrow services is a kind of protection given to both parties that is involve in a software licensee.
Makers of different programs write their own source code for their creation. If the source code is transferable and can be performed in other programs then you can simply obtain the source code and install it in your device. For those who have some knowledge in software executable source code will be able to devise an application they can call their own. If there is any breach of contract that the software developers made like bankruptcy and inability to update their software then it is possible for clients to gain access with the source code of their software through the escrow agent.
There are a number of individuals nowadays who are a victim of fraud and deception. Most of the time, there is a big amount of money involved in this type of transaction. Gone were the days wherein, buyers of different programs or applications are not safe from hoax and scam since they now have an escrow agreement which involves the source code of the applications sold by the developers. 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. Having your own software is not as easy as you think this will require a lot of time, money and effort on your part which is why entering in some kind of agreement is very essential. The software escrow agent will serve as the mediator of the licensee and the licensor not only they will mediate the transaction but also do all the necessary things for the agreement. If by any chance any of the two parties involve in the contract have performed any breach of contract then the escrow agent has the right take action as mandated by the agreement.
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