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A Closer Look at Software Escrow Arrangements In software escrow agreements, a licensing party creates a special contract governing the use of a specific software product or source code. The company or individual who holds the rights to a specific software product or source code is known as the agent. On the other side of the agreement is the licensee, the one who uses the software. Of course, if the escrow agent actually holds the rights to the software or source code, how does the licensee end up actually benefitting from the agreement? When a company or an individual buys software or a source code, they actually only have limited use of that software product. Actually, software and source code are forms of intellectual property and are covered by the same copyright laws that any other form of intellectual property are subject to. When technology products like software are purchased, the buyer has only purchased the rights to use the software in accordance with the software licensing agreement. When you have a software escrow agreement, you actually protect yourself from circumstances in which you may lose access to the source code. The truth is that software systems and source code can be extremely important to a company’s success. Often, businesses depend on certain software systems for their daily operations. What if a certain software developer decided not to allow companies to use their software anymore, or wanted to charge an exorbitant amount for the ability to use it? With a software escrow agreement, the licensee is protected from this kind of unfair treatment.
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In a technology escrow agreement, both parties ultimately benefit. The escrow agreement not only protects the licensee, but also protects the software designer from fraud and companies misusing their product. In a software escrow agreement both sides of agreement are legally bound to live up to the conditions set forth in the escrow agreement. With the help of a technology escrow service, you can develop a mutually beneficial escrow agreement concerning the software and source code that your company depends on.
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For more information about the benefits of software escrow and source code escrow services, the first thing you should do is visit the website of a company that provides technology escrow services. By getting in touch with a technology escrow company, you will be able to find out more about all of the ways a software or source code escrow agreement will benefit your company. All you have to do to find a technology escrow service is perform a search engine search for software escrow arrangements or source code escrow services.