A software escrow service is a source encryption software deposit that entails a third-party escrow agent. In most instances, escrow is requested by an authorized person who will be in charge of the maintenance of the software. If the licensor of the software fails to update or maintain the software due to bankruptcy or any reason, the source code software is taken back by the licensee.

Escrow has some necessities that have to be met and the parties who are licensed to have this kind of license should be aware of that. Some of the benefits associated with escrow software are that it has free licensed software. Hereby are some of the benefits of escrow services.

1.     Allows flexibility in software

When one needs to build a new website for the company and wants it to have a lot of enhanced features, there is a need to have a bespoke CMS. This is because Episerver and Word Press may not offer the desired functionality. You are required to consult an external developer to generate the CMS. Once the CMS is completed, it is advisable to create a backup of the source code for the new website.  This can be easily done with the use of an escrow service. Security is guaranteed as the escrow service will securely store the source code. The software is not made available to the general public. The licensor will be given access to mutual conditions agreed upon with the developer are met.

2.     The software can be updated

When using the services of an escrow agent, the developer can be given the legal right and ability to continue with the advancement of the software. The developer will be able to update the functionalities and maintain the software. This helps in reducing any chance of interference or damage to their business.

3.     The software is stored in one place.

Different materials are used in the development of the business bespoke software including the documents, data, and source data. When an escrow agent is not used, the documents may be stored in different places making it challenging to recover the software and take some backups. By the use of an escrow agency, materials are stored in one place and can be easily recovered.

4.     Peace of mind

The licensor has peace of mind as with the escrow agent, one can easily secure backups that could have been lost. By utilizing the escrow services one can get safe and secure backups hence minimizing the impact of loss to the organization. No one knows what the future holds and the agency that developed your software can go missing making it difficult to get the backups. If this happens the company will be at potential risk of losing the source code for the bespoke software. This means you will end up losing access to it as time goes by.

Wrapping up

In conclusion, there are many benefits of software escrow. The above article gives an outline of such benefits. Some of the benefits include peace of mind, security of data, the software can be updated and the software allows flexibility. Discover the best licensee offering the best escrow services.