Technology has become an essential part of our day to day life. This dependence on technology and software has been one of the driving forces when you are into a business. The software simplifies the day to day operations in any business. However, when the software is quite critical to the functioning of your organization, you would want to ensure that it will be available for a foreseeable future. Software Escrow is exactly what would aid you in that aspect.
What is Software Escrow?
Well, put in simple words, Software Escrow is a service wherein the software source code and the related data are deposited with a software escrow agent. This will help protect the interests of all the parties involved in a software deal.
A business house looking to license a software product will want the assurance that the product will be available for use for a continued period of time. That would be more of a necessity when the software product is more critical to your operations. However, the software vendor will not be ready to part with the source code and the documents associated with it. It forms part of their intellectual property.
This is where a software escrow agreement will be helpful in ensuring that both the parties will be able to satisfy their requirements.
When is it really needed?
That is indeed a good query. Do all software deals need you to have a software escrow agreement? That would be something that we would be able to answer on the basis of individual cases. However, in a broader sense of the topic, it may be safely concluded that it is not necessary for each of your software deals.
If you think it is not needed, then it can be avoided. Some of the circumstances that would warrant the need for a Software Escrow agreement can be summed up as here below –
- If the software licensee considers the software vendor to be financially not stable. The licensee would want the use of software a for a prolonged period of time and would not want to face repercussions of the vendor going out of business.
- There are cases wherein a software vendor may not continue to provide the services as envisaged in the license deal. If licensee has any doubts about such happening s affecting his business, he may press for a software escrow arrangement.
- The software vendor may be having a previous history of not obeying the agreement of license or violating it. This can make software escrow agreement essential.
- The software under question is crucial to the licensee and his business.
Some of the cases that may affect the use of software can be
- The software may crash, or may be incompatible with the other software tools in use.
- The software is outdated and needs updating. Outdated software may not work with new business practices or improved equipment’s or product line up.
It may be beneficial in such cases to have access to the source code and the related documentation so that the tool can be maintained with ease. If this works true for organization, you may have to consider opting for a software escrow agreement.
The Final Thoughts
Software escrow services can lend you a great deal of support in your software license deals. Designed to be helpful for both the vendor and the licensee, a software escrow agreement would let you access the software and put it to an effective use. However, do exercise caution in choosing a software escrow agent for your needs. Conducting an in house research on the possible candidates can be a good idea.
If you can handle it well enough, a software escrow service will always be a helpful proposition for an effective functioning of your business.
7 Common Reasons Why WordPress Websites Get Hacked
If there is one content management system (CMS) that’s credited for revolutionizing the modern web, it’s WordPress. Thanks to this revolutionary software, making any type of website is not difficult today. Its flexibility and ease of use make it so popular that WordPress powers as…
Manage Endpoint Security With Cloud-Based Action 1
Meet a free Cloud-based endpoint security and patch management solution from Action1 (www.action1.com). This top-ranking solution facilitates network discovery, enables you to find installed software and orchestrate software updates across all your endpoints regardless of their location. With many tools over there, you might be…
Private Practice: Crucial Services Your Startup Needs
Medical professionals around the world dream of having their own private practice. It allows more freedom for dictating your own schedule but it does come with its own set of challenges and while many are similar to those most startups face, starting a business in…
How To Keep Your Personal Information Anonymous And Secure While Using A Web Browser
Browsing the web or checking Facebook a few times a day has recently become something natural as breathing and eating. People wake up, immediately reaching for their phones to be up to date. Is it already an addiction to the Internet? Of course, it depends…
How To Stay More Secure When Using Kubernetes
Kubernetes is an open-source system for automating deployment of new apps and software, and is becoming increasingly popular due to its utility in going back to previous versions. But while lots of developers are excited to take advantage of the benefits and convenience offered by…
- 3D Printing
- App Dev
- Artificial Intelligence
- Arts and Entertainment
- Big Data
- Blockchain Tech
- Business Technology
- Car Technology
- Cloud Computing
- Cloud Storage
- Computer and Technology
- Conference Calling
- Coupons and Deals
- Cyber Security
- Dark Left 1
- Data Center
- Data Recovery
- Digital Arena
- Digital Marketing
- Edu Tech
- Email Marketing
- Google Glass
- Guides and Tutorials
- Health and Fitness
- Home Appliance
- Home Improvement
- Home Security
- Internet and Businesses Online
- Internet Marketing
- IT Careers
- Mobile Apps
- Mobile Security
- New Tech
- Online Shopping
- Project Management
- Reference and Education
- Reputation Management
- Sales & Marketing
- Self Improvement
- Shopping and Product reviews
- Small Business
- Social Media
- Tech Trends
- Technical Support
- Technology in Education
- Tips & Tricks
- Tips And Tricks
- Video Conferencing
- Virtual Reality
- Wearable Technology
- Web Design
- Web Development
- Web Hosting
8 Best Home Updates To Do In The Spring
8 Best Home Renovations To Take On In The Spring When the snow starts to melt and the weather slowly warms up, you likely have the urge to do a little work around the house. Here are some improvements to make before summer arrives: 1….
Use Android Parental Control Apps And Take An Interest In The Digital Activities Of His Children Without Blame
The screens quickly create a gap between parents and children. They limit conversations, disrupt meals, homework… Children are absorbed by their smartphones, tablets and other screens, so that they quickly become a source of tension. We use the deprivation of such a video game as punishment on…
Online Security Tips You Might Not Know About
Technology is now playing a major role in our daily lives. From how we work to how we spend our leisure time; it is central to us all now. Of course, a tech advance that has transformed our lives the most is the internet. While…
Here’s How Proxies Can Aid Email Protection
Are you concerned about your email protection measures? If that is the case, then this is for you. It all began in November 2014 with leaked emails from Sony Movie Pictures. After this leakage of emails went viral all over the world, people, organizations and…
3 Ways to Prepare For Cyber Security Risks That Employees Must Know
In a world where everything is much easier to do via mobile, app, or device, technology is not going to slow down. We’re all guilty of potentially owning more than one device, whether that is our personal phones, work phones, tablets or fitness trackers. All…
Non-Negotiable Elements For Your Business IT Security Plan
In 2019, having a business IT security plan is more important than ever. An IT security plan is the first line of defense you have for protecting your business – and your clients – against cybercriminals. Cybercriminals include hackers, who frequently obtain personal information with…