What is software escrow agreement? And what is the main purpose of software escrow agreement?
Software escrow is an agreement that helps protect all parties involved in a software licensing scheme.. Moreover, software escrow agreement is a three-party agreement between a software developer, the end user, and the source-code escrow company. A neutral third-party escrow company holds any source code, data and documentation until a mutually agreed upon agreement occurs. The objective of the agreement is to provide confidence to the end user that if the software developer is unable to support the software, the code can be released to the end users. Moreover, the agreement outlines the responsibilities of all the involved parties and further includes the predefined release conditions.