As the world that we live in becomes more and more focused on technology, software and computer programming play and increasingly important role in business and commerce, with companies springing up to offer new services and meet changing demands.
One such industry that has grown enormously in recent years is software escrow. This is the means by which both business investments and developer’s intellectual property are protected during development and delivery, something that’s going to become even more important as technology advances.
What is software escrow?
Software escrow is undertaken by specialist companies like the NCC Group who provide software escrow services to end users and developers. Generally this will mean that the escrow company creates a contract, agreed to by both parties, that allows the source code to be held by them and released when appropriate.
Why is it necessary?
Source code escrow and verification services are necessary in order to protect both sides from bad business practice. Although code may be developed for a specific end user, many developers don’t want to hand it over as much of what is developed is a trade secret and could be copied or amended.
By placing the code with a third party, there are more assurances that, if the developer went out of business or was otherwise unable to update or provide the code, it could be released to the end user by the escrow company. Keeping the code in escrow also ensures that the end user will have access to updates and bug fixes if appropriate.
Benefits to the software provider and end user
Although escrow and software verification services aren’t free, the money that both sides invest in protecting their rights and interests can make a huge difference and prevent any costly disputes from occurring.
The reassurance offered by employing an escrow company will make both sides feel more secure in their business transactions, a benefit that can’t be underestimated.
If you’re unsure whether hiring an escrow service would be appropriate for your business, contact your local provider today and they’ll be able to talk you through all of the services that they can offer to make your business’ investment in technology secure.