The purpose of escrow software is to minimize the risks associated with the development and maintenance of information systems. The essence of the service consists in the safe custody of the application source code with an independent party – an escrow agent, based on a conditional three-party agreement between the user, the software producer and the escrow agent. If the agreed conditions are fulfilled (termination of the supplier, breach of SLA), the contract entitles the escrow agent to release the source codes to the user in order to continue maintenance and development of the software with another partner.
Customers commonly approach software producers with a request to release source codes to ensure continuity of operation and future development of the information system. An acceptable solution to the situation is the notarial custody offered by law firms. However, these services are often expensive, risky in terms of handling source codes and very inflexible due to the need for regular physical handling of media (CD, flash memory). They are not always able to fulfil their purpose at all due to the limited reliability and lifespan of the stored media. Obviously, in situations like this, the contract is often rejected either by the supplier (fear of disclosure of know-how) or by the customer (more storage costs).
The basis of our offer is a three-party software escrow agreement between the software producer, the user and Packagestream s.r.o., usually required by the software user. The release of the source code will occur when the conditions set out in the contract are met (e.g. bankruptcy of the manufacturer, termination by the manufacturer, failure to meet SLA, etc.).
The uniqueness of our solution lies in the fully electronic escrow process, simple escrow administration and a clear list and work with beneficiaries. Of course, we use the highest security standards of encryption, data archiving and authentication of data assets in accordance with current legislation.