Guide to Software Escrow Services
A source code software deposit which includes a third party escrow agent is a software escrow service.
The one in charge of the maintenance is the licensee who requests basic escrow.
The source code of the software will be released to the licensee in the event that the licensor is unable to maintain or update the software are stated in the agreement either because of bankruptcy or any other reason.
Those who are licensed should understand that escrow has necessities that need to be met. Custom software is offered to different companies by software escrow services which are very critical and vital to the company itself.
Whether the licensor is in a position to do so or not due to bankruptcy or other issues, operations and maintenance of company software shall continue.
You should have the updated copy of the source code if you are to do this. Since source codes are closely guarded trade secrets, you will expect licensors to be reluctant to give it.
The solution given by software escrow services will help resolve this conflict of interest, and in this solution the licensed person will be able to access the source code if the licensor is no longer able to provide software maintenance as agreed upon by the two parties.
One of the benefits that come along with the software escrow services is free software.
If you are going to sign an agreement contract with a software licensor make sure you know what the terms and conditions are by reading everything carefully which is easy as they are written in black and white.
The escrow agreement will be found to be well described and which is applicable to clients who had custom software developed and which generally will not be made available to the general public.
It is not available to any other entity because the software was specifically designed for you to fit your needs and useful for your office operations. Free software are also referred to as open source or ransom ware.
Adopting a software escrow process is convenient for many reasons. Investing in the source code for licensees is encouraged by the presence of this escrow agent. Software develops through this can provide software services without divulging their secrets and intellectual property.
Escrow agents can provide optional services which can help licensees to certify the evolution of the software and maintain and upgrade functionalities over time. The ability of maintain an application in-house indefinitely is given to the licensee and also gives the licensee the luxury of taking its time until a new vendor can identify and implement a replacement technology.
Supporting reference: company website