In today’s cutthroat business environment, efficiency, reliability and consistency are the determining factors for success. It is therefore expected that many businesses have chosen to optimize their operating and management systems by implementing some form of proprietary software solution to achieve fast and accurate outputs from their investments.
One of the major issues is the lack of access to the source code escrow, which proves to be a big hazard in the long-term maintenance of the software. General practice seems to indicate that the software developer is reluctant to release the source code as it may contain proprietary materials and development tools, including trade secrets and technical know-how. In addition to the above, many software vendors also face the complex issues involved with building the service delivery capabilities necessary to support their a software-as-a-service (SaaS) offerings that require a dedicated team and focused efforts. Source codes structure typically becomes inherited and sustained by the end-user(s), for the simple reason that they are the ones that must typically deal with the software day in, day out. The present-day software agreements prescribe that, together with the delivery and installation of the software, a copy of the software developer’s source code must be transferred to a safe place with a trusted 3rd party. This arrangement is known as Software Escrow.
In simple terms, an escrow is a written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition.
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