Escrow: the secret ingredient for successful SaaS collaboration
At the time of writing almost every organization uses at least one SaaS solution. Where previously you installed software directly on your computer, it is now accessible online. An interesting development for the user: you always have the latest updates of the software at your disposal, wherever you are. But what if the supplier can no longer offer your software?
Enter Escrow: What is it and why use it?
Escrow is an insurance that protects users of SaaS software, such as Contractify, when something goes wrong with the software supplier. Think of a bankruptcy, or an acquisition where the acquirer decides to no longer support the software. In such cases, the source code of the software is released to the (legal) persons who have subscribed to the escrow list.
This goes as follows: the source code of Contractify is deposited with a notary who keeps it in a safe. The same applies to the source code of each software update. If certain conditions are met, such as bankruptcy, the clients who have subscribed to the escrow can ask the notary to provide them with the most recent source code. Afterwards, they are able to keep Contractify life for their own use (i.e. not for commercialization).
Gaining access to the source code of software you use for business critical processes has some important advantages. You can keep on working with your software, no matter what happens to suppliers of your software. In addition, you can let the software grow with your company once you have obtained the source code via escrow. Sounds great, right?
How can you subscribe to this?
As a customer of Contractify you can easily subscribe to our escrow list at a registration fee of 5% on your license fee. Contact us via firstname.lastname@example.org or the contact form and we will take care of your registration within 5 working days.