The Essence of Using Software Escrow Services
A transaction between two parties can be mediated by what you call an escrow agent; escrow on the other hand refers to an agreement made by two parties who entrust their valuables to the escrow agent. The things that both parties deposit to an escrow agent could be in a form of documents, money, and intellectual property. If there are no certain instructions passed to the escrow agent then all valuables will be keep in protected by them. A software is called an escrow if the source code is kept confidential by an escrow agent of the third party. The company who will use the software can ask the agent to hold it in their behalf Software escrow services are usually done by two parties which are both involved in a a software licensee transaction.
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 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.
It is already a known fact that some people nowadays take advantage of other people. 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. The price or rate of creating software is increasing these days and one way to keep you safe whenever you purchase software through the use of software escrow services.
This type of agreement is not just beneficial to clients but also to the makers of the software. Developing your own program and software is no joke, you will need to spend a great deal of time, money and effort in order to make a high quality output. The main objective of having an escrow agent is for both parties to have a mediator of the process who will be the one to setup the terms and conditions in the whole contract and of course both parties will be there to discuss everything in it as well. 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.