Standardised, off the shelf applications no longer fulfill the requirements of today's highly dynamic organisations.
Although these applications are good as a starting point, a foundation to build on, they often don’t fulfil the true needs of their users. Therefore, many end users require applications which are tailored to their individual needs with custom add-ons and functionality which helps them better serve their customers. However, the more bespoke an application gets, the more costly it becomes with all the development work required and in the event the developer was no longer able to support the application, the additional bespoke elements make quickly procuring a suitable replacement well-nigh impossible.
Due to the criticality and considerable investment required to procure these applications, customers are requesting Software Escrow protection to address their concerns surrounding access to their application, should the developer no longer be able to support it.
Software Escrow agreements protect end users 3rd party license agreements and ensure the continuity of their business. Under the terms of the agreement, an independent specialist is legally permitted to hold and validate a copy of a software applications source code including all relevant information and data in the instance of SaaS applications on behalf of the software user.
In the event the software supplier is unable to maintain the service the code and supporting documentation can be released back to the end user so that they or an independent third party can continue to access and maintain the application until a suitable replacement can be procured.
To an end user, Escrow protection provides an incredible amount of value and is a contributing factor in the decision to choose one software supplier over another. This is of particular importance when the software application they are procuring is business critical, bespoke, highly customised or revenue generating as the cost to their business of not having access to the application and the cost and time it would take to procure a suitable replacement are significant and far outweigh the cost of Software Escrow protection.
By including Escrow protection with your software agreements, you are distinguishing your business from the competition and building trust, giving your customers peace of mind that the continuity of their businesses is protected – no matter what happens to your business now and in the future. Delivering confidence for customers to choose you as their preferred supplier.
If you would like to speak to us about increasing customer value by including Software Escrow protection with your software agreements, please get in touch to speak to one of our specialists.
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