The current breed of industries Planet reporter and businesses are dependent on technology and software. This is exactly what necessitates the need for liaison with software developers. But, how can ensure the availability of the software for your business for a continued time period? This is where the concept called Software Escrow comes to the fore. Let us check out what is software Escrow and what tips you need to follow while choosing a Software Escrow agent.
What is Software Escrow?
As a business, you have to get involved with software developers. You would want to foresee the continued availability and maintenance of the software for your requirements. Likewise, software developers too have their own preferences. They would not be willing to give away the source code of the software for obvious reasons.
A Software Escrow Agreement protects all the stakeholders involved in a software deal. The source code, related documentation and the data are deposited with a third party software escrow agent. The agent will hold the data until a mutually agreed situation occurs.
How to Choose a Software Escrow Agent?
Opting for a Software Escrow Agent is an important step in a software deal. You may need to go through the credentials of the gent you are choosing by going through an extensive research.
Following are some of the criteria you can look for in your Software Escrow Agent –
Be sure that the agency you are opting for has been in the business for a considerable time. Their length of being in the business can be an indicator of their expertise and reliability. Though you can find the information on their sites or other publicity material, it would be advisable to do an in house research.
More than reliability, expertise plays an important role. Check the technical expertise they have. A good Escrow agent should be adequately staffed. Technical expertise can be a defining factor to find how will they store your data. If they have their own developers, it would be an added asset. Then, there is legal expertise. Since software escrow is about the commercial deal between the two parties, a escrow agent should be able to handle legal responsibilities efficiently.
Software source and the related data constitute to be a sensitive data. That makes security of your data to be of major importance. Thus security should be the top priority. A software escrow agent can store your data either offline or online. Offline storage should be pilfer proof and in a way, to be top notch. If online vaults are used, there should be periodic penetrative testing involved.
Managing your data
Accessing your account with a software escrow service should be reliable and faster. Check if the service opted has top quality management protocol in place. Submission of the material, bill payment and updating the account information should be easily handled.
The Parting Words
A software Escrow service is beneficial for both the business intending to enter into a deal with the software firm and the software developers themselves. However, a proper research into the agent you are planning to hire would be the important factor in a successful implementation and execution of your Software Escrow agreement. Do take care of the tips we have featured in the above paragraphs so that there should be no room for any issues further down the line. We do assume that the guidelines indicated above will be of enough help to you.