• Legal Escrow & Arbitration Services Ltd.

    Escrow news

Does your business need Software Escrow?

Posted on by admin

software escrow

In an age where we can run a million-pound empire from our smart phone, it goes without saying that technology is important. We rely on up-to-the-minute software for connectivity like never before, and there is nothing that can bring fear to the eyes quicker than having no Wi-Fi.

Business on demand

We need our devices to be responsive and intuitive, and the same can be said of our businesses. If our business software isn’t up to scratch then we simply won’t win the custom. Time is money, and SME’s can’t afford to waste time generating leads to boost business if their software isn’t reliable or fully functional.

Bespoke business software

Bespoke software is the way to go for most businesses as it gives your clients a seamless experience, however there are risks involved with this investment. Business software is designed by a software provider (the vendor) and then hosted by a hosting provider in order for you, the end user, to use it. If either the vendor or the hosting provider goes into administration, then you face losing access to your business-critical software, and any data it holds. In the event of this happening you can go from being a fully functioning operation to a defunct organisation in minutes.

Protecting business continuity

This is where Software Escrow comes in. Software Escrow is a mutual legal agreement between the software provider and the end user. The agreement ensures that your software source code is held by a third party such as software escrow provider LEAAS. If your software provider or hosting provider fail to fulfil their services as outlined in the escrow agreement, you as the end user will retain rights to the software source code and be able to operate as normal.

Software escrow protection for your business is vital as it offers you peace of mind should your providers ever face financial difficulty. Whatever your needs, our teams can help. Contact us today on 0800 456 1115 to discuss your business protection needs further.

 

Share it now!