Make the Best Out of Software Escrow Services
When you talk about escrow it basically refers to an agreement which involves a third party who will hold the properties and assets in behalf of the transacting parties. The things that both parties deposit to an escrow agent could be in a form of documents, money, and intellectual property. All the valuable items are protected by the agent until certain instructions are given by the two parties. A software is believed to be in escrow if the source code of a particular file is protected by a third party or the escrow agent. The agency that has plans in using the software can as the agents to keep the software. Software escrow services are usually done by two parties which are both involved in a a software licensee transaction.
A programmer can only make a program if they have with them their source code. If the source code is transferable and can be performed in other programs then you can simply obtain the source code and install it in your 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 prevailing situation that there are some unscrupulous individuals that might take advantage of people’s business. Most of the time these transactions involve substantial 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. As of today, more and more people create programs and software that are sold in the market and clients should know that there is already a safer way to purchase and that is through an escrow agreement.
The clients are not just the one protected from fraud but also those who are makers of the program itself. It is a prevailing fact that developing one’s program and software could be time consuming; this might even go for months and even years at the same time pricey. The software escrow agent will serve as the mediator of the licensee and the licensor not only they will mediate the transaction but also do all the necessary things for the agreement. If there are certain terms that are violated in the agreement, the escrow agent has the right to perform appropriate action base on the contract or agreement.
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