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. The items that the agent is keeping will be protected until certain instructions are given to them. Whenever a the source code of a particular software is kept protected and private by an escrow agent or the third party then the software is believed to be in escrow. The one capable for asking the agents to keep the software are the ones who will be using 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. 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. Just by having a background about applications with executable source code will allow a person to devise their own program. 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.
There are a number of individuals nowadays who are a victim of fraud and deception. Oftentimes, the transaction involve significant amount of money. Since there is now an involvement of software and source code in an escrow contract, buyers of software can be assured that they are safe from those individuals who might lure them. 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.
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 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 by any chance any of the two parties involve in the contract have performed any breach of contract then the escrow agent has the right take action as mandated by the agreement.
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