Software escrow is commonly used as part of software license agreements. Ultimately software escrow is an insurance policy that if your developer ceases operations you can gain access to the source code to continue its maintenance.
In an uncertain economy when every penny counts, even the smallest increase in revenue or reduction in expenses can have an impact on company profitability.
Every procurement department is looking for ways to save money off their annual budgets. Mid-year is a good time to review your budget and look at ways to save on costs.
This article reviews the best ways for companies and government organisations’ to reduce their costs on software escrow agreements.
- Shop around.
Like any insurance policy it is a wise idea from time to time to shop around and see what the market can offer you. You will be surprised at how you can save thousands of pounds for a comparable service to what you are receiving today.
- Consolidate your agreements
Working with a software escrow vendor that can provide creative solutions to consolidate multiple agreements under a master framework agreement can save your company a lot of money.
- Avoid hidden costs
Often software escrow vendors charge significant fees for setup, implementation, non-standard agreements and release fee. Look for a vendor who includes these fees within their standard package.
- Active Assessment
Identify with your IT department team if all the software agreements in place are still relevant. Often software escrow agreements are put into place and forgotten about. You may be paying for an agreement on software that has reached end of life and is no longer being used.
- Long term contracts
Often software escrow vendors will provide additional discounts for longer term agreements. For example, if you are comfortable that your software license agreement has a 3 year term, it is worth placing the escrow agreement under the same time frame if you can get an additional discount.
About Escrow London
Escrow London was established to disrupt the software escrow industry. The ethos of Escrow London is to provide industry leading software escrow agreements with great service while actively assisting our clients in reducing cost. We thrive on providing our clients with creative and secure solutions that protect their source code while providing solutions to consolidate and reduce their software escrow spend.
Contact us today to learn more about how Escrow London can assist your company.
www.escrowlondon.co.uk | +44-20-3862-0380