A transaction between two parties can be mediated by what you call an escrow agent; escrow on the other hand refers to an agreement made by two parties who entrust their valuables to the escrow agent. The things that both parties deposit to an escrow agent could be in a form of documents, money, and intellectual property. All the valuable items are protected by the agent until certain instructions are given by the two parties. Whenever a the source code of a particular software is kept protected and private by an escrow agent or the third party then the software is believed to be in escrow. The one capable for asking the agents to keep the software are the ones who will be using the software. Software escrow services is a kind of protection given to both parties that is involve in a software licensee.
In order for programmers to make their own program they make use of source codes. If the source code is transferable and can be performed in other programs then you can simply obtain the source code and install it in your device. As long as you have the right knowledge about software executable source code it is very much possible for you to have your own program or application. If there is any breach of contract that the software developers made like bankruptcy and inability to update their software then it is possible for clients to gain access with the source code of their software through the escrow agent.
It is already a prevailing situation that there are some unscrupulous individuals that might take advantage of people’s business. Most of the time these transactions involve substantial amount of money. Since there is now an involvement of software and source code in an escrow contract, buyers of software can be assured that they are safe from those individuals who might lure them. As of today, more and more people create programs and software that are sold in the market and clients should know that there is already a safer way to purchase and that is through an escrow agreement.
The clients are not just the one protected from fraud but also those who are makers of the program itself. Developing your own program and software is no joke, you will need to spend a great deal of time, money and effort in order to make a high quality output. The software escrow agent will serve as the mediator of the licensee and the licensor not only they will mediate the transaction but also do all the necessary things for the agreement. If there are certain terms that are violated in the agreement, the escrow agent has the right to perform appropriate action base on the contract or agreement.