In last week’s article we discussed having bespoke applications developed and how a Transfer of IP Agreement protects your investment, ensuring you get what you pay for.
However, the initial development of your bespoke application is only the beginning of the story. As your organisation grows, so do your requirements and your application will need to evolve as your needs change.
To facilitate the upgrades to your application, many organisations bring in an external developer. But how do you guarantee that your deadlines are met and your investment is protected?
The Escrow Holding Agreement - Developer Deposits from SES has been created specifically for IP Owners contracting out custom development work to a 3rd party Software Developer.
Under the terms of the agreement, development milestones are established and protected in Escrow. This safeguards the development and creates a development trail. Furthermore, this protects the IP Owner from being overly reliant on the contracted developer. If the relationship with the developer breaks down or there is a better option, a new developer can be brought in to take over the project. With this agreement in place any new developer can continue from the latest milestone saving you time and protecting against lost investment.
The key to the effectiveness of this agreement lies in the Remote Code Validation Test performed on the application. Not only does this guarantee the accuracy of the deposited material, giving you an understanding of how it’s built, but also ensures that if a new developer is brought in (or development work is brought in house) it’s easy to get to grips with how the application has been built and therefore quicker to continue development work on the application.
If you are interested in finding out more about how Escrow can protect your investment when continuing to develop your critical applications, please get in touch to speak to one of our specialists.
© Financechain Limited trading as SES and ses-escrow.co.uk, 2019. Unauthorised use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Financechain Limited trading as SES and ses-escrow.co.uk, with appropriate and specific direction to the original content.