Whilst most commonly known for various financial purposes, escrow can also be used to meet the modern needs, demands and risks we face with computers. Just like financial escrow, this can protect the assets that are important to you.
There may be many reasons you use escrow. If you’re a business, for instance, you will often use escrow to protect the assets important to your ongoing business and success. Whatever the case, escrow can be used for both hardware and software. Of course, it helps to find specialists of such software and hardware escrow, such as Escrow Associates, to get the best results.
Software escrow is the one most people are arguably familiar with. This essentially works on the ‘Software as a Service’ model. You buy a license, but the provider has to provide a working product. The source code of said product is what is typically placed in escrow.
As such, when something goes wrong, the neutral escrow agency can determine whether or not the end user agreement has been broken. In cases where you are legally granted access, escrow can quickly and effective deliver this, allowing you to get back on track.
Hardware escrow, on the other hand, is an area that many might not be as familiar with. There are certain industries and areas that often rely on the hardware of others. For example, if your product relies on chips and other computer parts to make your product, then you have a very strong interest. You don’t own the chips themselves but, since they are an important part of productivity, they need to be working.
Of course, there can be occasions and disputes where these pieces of hardware aren’t what you need. You might have signed a deal to receive a certain amount, for instance, but this fails to be the case. In many cases, protecting yourself with hardware escrow will put the relevant information in escrow. This can include the architecture itself, technical drawings and even any relevant code.
Just like software escrow, this protects you against risks and helps build trust between two parties or companies working together. This is where escrow is often at its best, demonstrating a sign of trust and commitment. If someone you’re working with is willing to use escrow, they’re also willing to meet their agreed commitments and not let you down.