Be aware that custom developed code might be a risk in itself in case your local IT boutique would cease to exist. Mitigate risk by assuring the future of your business critical software applications. As a software user, you trust your supplier to provide support and maintenance for your applications. However, this dependence can represent a significant risk, particularly where business-critical applications are concerned. A trusted escrow agency can help you to eliminate these risks. Make sure to select an escrow agency who does perform the necessary validations / checks. The source code for your licensed software, the expertise to implement it and the rights to your software belong to your software supplier or developer. This creates a potentially disastrous situation if the software fails and your software supplier is unable to carry on supporting and maintaining the product due to a merger, acquisition, legal dispute or insolvency.
An escrow agreement is a simple contract between a software supplier, end user and independent third party escrow company designed to mitigate this risk and protect all parties involved.
With escrow you can be sure that you can access the source code of your key software applications should you ever need to do so. This means that you will be able to use that source code to continue to maintain the software either in-house or by engaging with another supplier, whether that be for further bespoke software development or to fix any issues.
Setting up an escrow agreement is easy and done in three simple steps: