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Why Companies Use Software Escrow Services

What is software escrow service? Can it be beneficial to users, agents and third parties? This article will give you more ideas and insights about software escrow services and its benefits.

Meaning of Software Escrow Service

Software escrow service is the computer software source code deposit for also include the third party software escrow agent. The term “escrow” connotes the contract of the two parties for the deposit of the valuables to agents as third party. 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 products, or those who utilize the computer program can order 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. Since these executable files are standalone, users can install and use it whenever they want to. Nevertheless, when issues and problems arise, the software developers are hindered to make the changes, updates and maintenance to the source codes, thus escrow agents transferred these tasks are to the software’s licensees. In this manner, the operations will still continue as updates and changes are made even if the licensor is not present. If you are a computer programmer and you don’t want these problems to arise in the near future, then you should carefully and cautiously choose your escrow service providers. Adhere to the pointers and guidelines listed below to help you find reputable and dependable 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. They should choose one which fit their requirements and which serve their purpose best.

3. Be sure to check and to read the contract first before inking 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. You are advised to thoroughly check the contracts if these are suitable and applicable to you and to your clients.

Be sure to follow the pointers showcased in here whenever you are planning to get the services of these companies.

Supporting reference: http://www.divaswithapurpose.com/grow-your-startup/