Information on Software Escrow Services
When we speak of software escrow services what we mean is a source code software deposit involving a third party escrow agent.
The one in charge of the maintenance is the licensee who requests basic escrow.
Failure of the licensor to update or maintain the software as formally agreed upon either because of bankruptcy or any other reason, then the licensee will be give the source code of the software.
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.
Operations and the maintenance of the company software shall continue regardless of whether the licensor is not in the position to do so because of bankruptcy or other issues.
You should have the updated copy of the source code if you are to do this. However, licensors are often reluctant to agree to this because the source code represents a trade secret and generally as you may expect, this is closely guarded.
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.
What you can benefit from a software escrow services is free software.
You need to understand the point right before singing any contract, and you need to read it for yourself to understand the terms and condition which will be written in black and white.
The escrow agreement is well described and is applicable to clients who seek custom software development which generally will not be made available to the general public.
With this software design, it will only fit your needs and the needs of your business operations. Free software are also referred to as open source or ransom ware.
There are many reasons why it is convenient to adopt a software escrow process. With the escrow agent, there is an incentive for the licensee in investing in the source code. Software develops through this can provide software services without divulging their secrets and intellectual property.
Licensees can certify software evolution and maintain and upgrade functionalities over time with the optional services provided by the escrow agent. 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.