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What You Need to Know Regarding Escrow Software In this modern age, organizations and businesses will normally require some form of software during their lifecycle. These software range from applications that have a key purpose, to software that will facilitate better management of key running of organizational functions. When you purchase a specialized software from a third party, you will want to secure your continued use. Software escrow is a prudent practice to reduce the potential for risk and dispute when two or more parties are negotiating a software license. Source code escrow, also commonly referred to as technology escrow or software escrow is an arrangement whereby the source code of the software is deposited with an unbiased, independent, and reliable third-party escrow agent allowing it to be released to the licensee in pre-agreed exceptional circumstances stated in the escrow agreement. It offers a kind of assurance to those who buy customized software products from developers. The functioning of a custom software application is extremely important to a company, thus, when the product provider is no longer able to support and maintain the software, this may present serious problems to the licensee. As such, companies need a kind of guarantee that they can reasonably access the vendor or at least the source code in case the software application requires updating, maintenance, reinstallation or recompiling. A vendor may be having an excellent reputation, but licensees will require more than just a word of mouth when making a major software purchase. Source code escrow helps buyers ensure the continuity of the software support and maintenance over time in case the product provider goes out of business or for some reason fails to maintain the application.
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In any software scenario, there are two main parties involved; the software developer or software company, and the end-user. The source code is the origin of the ultimate software and has significant value as without it the program cannot be generated and therefore executed. The user and the software programmer have competing interests. Without the source code, the user is completely dependent on the licensor for maintenance and technical support. Vendors, on the other hand, consider their source codes as a corporate crown jewel. Source code escrow agreements provide are excellent tools for resolving the divergent interests of all the parties involved.
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Developers need a trusted party to hold their source code and ensure that their software users get uninterrupted access. An escrow software agent takes up an independent position that simultaneously protects the intellectual property rights of the software owner while providing the necessary protection for the licensee. The standard software escrow agreements available include single beneficiary escrow agreement and multiple beneficiary escrow agreements. There are lots of source code escrow services available. Be sure to find a right provider for your business.