What is Software Escrow

hi
I am looking for some customize application to be workout for me.my friend advice me to manage for software escrow. What is that and is that useful for me any way ? please tell me
thank you

Source code escrow is the deposit of the source code of software with a third party escrow agent. Escrow is typically requested by a party licensing software (the licensee), to ensure maintenance of the software. The software source code is released to the licensee if the licensor files for bankruptcy or otherwise fails to maintain and update the software as promised in the software license agreement.

As the continued operation and maintenance of custom software is critical to many companies, they usually desire to make sure that it continues even if the licensor becomes unable to do so, such as because of bankruptcy. This is most easily achieved by obtaining a copy of the up-to-date source code.

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AT end you receive only the compiled version of the software. It is only through this machine language that the computer can run. But to maintain the software (corrections, modifications and / or extensions), the original code, the source code of software is required. Through a maintenance contract that is concluded, the supplier is obliged to maintain the software.

The source code is the intellectual property of the supplier and is not included when purchasing a license. This can be forwarded to an escrow agent which shall retain 'good father'. If unforeseen events occur, so that your software is no longer available, escrow officer issuing the source code to the user.