The Importance of Software Escrow Services to Software Developers and Companies
Are you familiar of software escrow services? Is it beneficial to companies and software programmers? If this is the first time that you heard about software escrow service, then you can benefit by reading this article further.
Definition of Software Escrow Service
Software escrow service is the computer software source code deposit for also include the third party software escrow agent. Actually, the word “escrow” means the contract of the two parties for the deposit of valuables to third party as agent. It serves as their protection for these valuables like documents, money, intellectual property, and etc. These things will be considered escrow when these are held by third parties, especially the source code. The licensees of these source codes or the business enterprises that use them can request their agents to hold. In laymen’s terms, these escrow services will serve as the protection of computer software licensees so they can access the source codes whenever issues and problems arise. When these problems, like bankruptcies and lawsuits, the licensors will not be able to update or maintain the computer software as what is agreed on the agreement, hence the source codes are released to licensees.
The software programmers developed the source codes of the computer software, which are processed to become executable files with .exe extensions. As the name executable file connotes, it simply means that these computer programs are standalone and are ready for use by computer users. Nonetheless, when problems arise, the software developers will not be able to make changes and updates, thus the escrow agents transferred the rights to the licensees so they will be the ones to make the needed updates and maintenance when necessary. In this manner, the operations will still continue as updates and changes are made even if the licensor is not present. Due to the importance of escrow services, it is vital for computer programmers to choose its provider wisely. To help you choose one, consider the tips showcased underneath.
1. Before inking a deal with any company, be sure to investigate first to know what service providers furnished dependable escrow services.
2. You are advised to select escrow service providers that serve the corporate goals and intentions very well.
3. Be sure to check and to read the contract first before inking one. When in doubt, consult your lawyers first.
4. You are advised to thoroughly check the contracts if these are suitable and applicable to you and to your clients.
The suggestions and pointers found in here will serve as your guide in finding reputable and dependable escrow services providers.
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