The Essence of Using Software Escrow Services
Escrow usually refers to an agreement between two entities who entrust valuable assets to a third party or a mediator in the transaction process. The valuables could be in a form of intellectual property, documents or money. All the valuable items are protected by the agent until certain instructions are given by the two parties. A software is called an escrow if the source code is kept confidential by an escrow agent of the third party. The agency that has plans in using the software can as the agents to keep the software. In other words the main purpose of having a software escrow service is to protect both parties involve in a software license.
In order for programmers to make their own program they make use of source codes. 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. For those who have some knowledge in software executable source code will be able to devise an application they can call their own. If by any chance the makers of the software have violated any things stipulated in the contract like bankruptcy, obsolescence, inability to update the whole program then the agent has the power to disclose the source code that they can work with.
It is already a prevailing situation that there are some unscrupulous individuals that might take advantage of people’s business. Oftentimes, the transaction involve significant amount of money. 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. 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. This is the right time to have a software escrow agent that will serve as the mediator of the whole transaction of the two parties, what they will do is setup the whole contract and let the two parties understand everything that they need to know. 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.