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. 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. In other words the main purpose of having a software escrow service is to protect both parties involve in a software license.
In order for programmers to make their own program they make use of source codes. 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 by any chance the makers of the software have violated any things stipulated in the contract like bankruptcy, obsolescence, inability to update the whole program then the agent has the power to disclose the source code that they can work with.
There are a number of individuals nowadays who are a victim of fraud and deception. 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. If you want to be safe whenever you purchase software to a particular developer then you must keep in mind and apply this so called escrow agreement, this way you can avoid scams.
This type of agreement is not just beneficial to clients but also to the makers of the software. 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 main objective of having an escrow agent is for both parties to have a mediator of the process who will be the one to setup the terms and conditions in the whole contract and of course both parties will be there to discuss everything in it as well. 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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