Users
The source code for your licensed software, the expertise to implement it and the rights to your software belong to your software supplier or developer. This creates a potentially disastrous situation if the software fails and your software supplier is unable to carry on supporting and maintaining the product due to a merger, acquisition, legal dispute or insolvency.
An escrow agreement is a simple contract between a software supplier, end user and independent third party escrow company designed to mitigate this risk and protect all parties involved.
With escrow you can be sure that you can access the source code of your key software applications should you ever need to do so. This means that you will be able to use that source code to continue to maintain the software either in-house or by engaging with another supplier, whether that be for further bespoke software development or to fix any issues.
Setting up an escrow agreement is easy and done in three simple steps: