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Software Escrow is like insurance, you only need it when you need it.

June 11, 2013

Software Escrow is like insurance. You only need it when you need it.
You can’t have it when it’s too late, it’s something you need to plan for and arrange in advance for the eventuality of when or if you need it.

If your business is reliant upon a specialist computer programme, application or system then you need an escrow agreement. If one day you arrived at work and that system wasn’t working and the supplier had disappeared then what would you do?

  • Fall back to a legacy system
  • Revert to pen and paper
  • Procure a new system
  • Muddle through

An Escrow agreement gives you access the source code to the programme and the ability to maintain the system to ensure that you can continue working. It may take a few days to get it back up and running but at least you would have access to the source code and the legal rights to use it rather than having to invest in a new application that can take a very long time to implement and even longer to train your staff to use

Panic would set in and your business would be in disarray. You would have to continue paying your staff and have to think of a work around. It would be a logistical nightmare.

A software escrow agreement gives you peace of mind. Peace of mind that you can continue with your most precious investment in your business. They are not expensive to buy especially in comparison to what your investment has been into your company software.

Many companies in all sectors use robust well designed escrow agreements to support a strategic disaster recovery and business continuity plan. An escrow agreement is the only way you can ensure continued use of an application you do not own or control. Why risk the success of your business on the stability of another?

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written by Tim Collins

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