When making a software purchase, there is often long-term maintenance and support required for the software product that has been provided. Once the initial transaction has taken place, it is possible that the consumer will need their software servicing, updating or reinstalling. As the source code required for most software applications is unique, it is possible to place the required information into escrow with a provider such as Escrow.com if the software provider is ever unable to carry out the appropriate level of support of the software product that has been sold.
Offering software escrow as an option will guarantee the potential customer that they will always receive a level of service on their software purchase. This is particularly important in the negotiation stages, and if the software is critical to day-to-day operations there will be a significant cost to the company to make the purchase, so this guarantee could be crucial in solidifying the transaction. Software escrow provided by Escrow.com is offered with an account manager service so that both parties are aware that at any time the software in escrow can be monitored to ensure that best practice is always being followed. Software escrow is a highly confidential and secure method of storing the software so it can be accessed at any time if required.
A software provider may feel nervous or anxious about handing over their software to a third party so once an agreement has been made that the software will be deposited with Escrow.com the software retailer will encrypt their electronic media. This will ensure that the software can only be used by an authorized representative and not be misused. The software information is deposited into secure units, which are provided by Escrow.com, this can include documents, and source codes which are necessary to maintain a level of service on the software if the vendor is unable to provide this.
Before the software information is stored securely, terms and conditions surrounding retrieving the information are drawn up. Both parties sign a copy of this contract, which ensures that everyone is in agreement regarding when and by whom the software information should be released from escrow. If any personnel with access to a storage facility wish to move or access any of the software information for any reason, they must complete a rigorous process to ensure that this is done by the initial agreement.
Using Escrow.com for software storage will benefit anyone who is considering purchasing a software package, which will have a significant impact on their business. Putting the software in escrow will ensure that if the vendor is unable to provide their support service in the event of bankruptcy or the company being sold or taken over (for example) the purchaser will still have access to a support system meaning that their day to day operations won’t be put at risk.
Services provided by Escrow.com are completely safe and secure and provides both the vendor and the purchaser with a level of confidence that their software will be well maintained long into the future with minimal risk to the security of the software.
For more information visit Escrow.com to find out how software escrow works in detail.