The Importance of Software Escrow Services to Software Developers and Companies
Do you know what software escrow services are? How can it benefit us? In case you want to learn more about software escrow services and its associated benefits, then you are advised to continue reading this article.
What Software Escrow Service Is?
Actually, the computer software escrow service refers to the source code deposit for computer software that also include the agent for third party escrow. The term “escrow” connotes the contract of the two parties for the deposit of the valuables to agents as third party. These contracts are serve as their protection for the valuables they have like money, intellectual property, documents and etc. These things are regarded as escrow when held by third parties, especially the source codes. The licensees of these computer software, or the businesses that utilize it can request agents to hold. In simple terms, these escrow services serve as protection for the computer software licensees so they will still access its source codes the moment issues 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. These executable files are standalone and can run on their own, hence it is ready for use by the computer users. However, when issues arise, computer software developers will not be able to maintain or to update them, thus escrow agents released the source does to the licensees so they will be the ones to make updates and changes when needed. Because of these contracts, the products will still serve its purposes despite the absence of the licensor. Due to the importance of escrow services, it is vital for computer programmers to choose its provider wisely. Follow the suggestions listed below to assist you in finding reputable escrow service providers.
1. Software developers should do their share of research and homework first so as to determine which escrow services providers are established, reputable and legit.
2. You are advised to select escrow service providers that serve the corporate goals and intentions very well.
3. Make sure that you carefully check and ponder on the stipulations mentioned on the contracts before signing one. Whenever you have questions, issues and doubts, you are advised to call and to confer with your lawyers so they will explain them to you thoroughly.
4. Opt for those escrow service providers which contracts are applicable not just to you but also to your customers.
The suggestions and pointers found in here will serve as your guide in finding reputable and dependable escrow services providers.