Information on Software Escrow Services
A source code software deposit which includes a third party escrow agent is a software escrow service.
The licensee who is in charge of the maintenance of the software is the one who requests basic escrow.
If the licensor gets bankrupt or any other reason that he fails to maintain or update the software as formally agreed upon, then the source code of the software will be released to the licensee.
If you are the license owner you should understand that escrow has requirements to be met. Custom software is offered to different companies by software escrow services which are very critical and vital to the company itself.
Whether the licensor is in a position to do so or not due to bankruptcy or other issues, operations and maintenance of company software shall continue.
In order to do so you should get the updated copy of the source code. Most licensors will be reluctant to give out the source code because this represents a trade secret which is actually closely guarded.
The solution given by software escrow services will help resolve this conflict of interest, and in this solution the licensed person will be able to access the source code if the licensor is no longer able to provide software maintenance as agreed upon by the two parties.
Free software is one of the benefits that come along with the software escrow services.
If you are going to sign an agreement contract with a software licensor make sure you know what the terms and conditions are by reading everything carefully which is easy as they are written in black and white.
There is a good description in the escrow agreement which applies to clients who seek to develop custom software and that which is not available to the general public.
This software was developed specifically for you and design to fit to your liking and your office operations. Free software are also referred to as open source or ransom ware.
Many companies adopt a software escrow process because of its benefits. Investing in the source code for licensees is encouraged by the presence of this escrow agent. On the other hand, the company that developed the software can provide its services without exposing its secrets and intellectual property.
Licensees can certify software evolution and maintain and upgrade functionalities over time with the optional services provided by the escrow agent. The licensee then has the ability to maintain an application in-house indefinitely or it gives him the luxury of taking his time until a replacement technology can be identified and implemented with a new vendor.