ESCROW AGREEMENTS FOR APPLICATION SOFTWARE
ESCROW AGREEMENTS FOR APPLICATION SOFTWARE

Summary/Abstract: As a rule, commercial computer programs come exclusively in executable form, and the accompanying license agreement requires the user to refrain from actions that could violate the author’s exclusive right to adapt, process and otherwise modify - if the user needs such changes, the author’s it is in the interest of the user to contact him and pay a special fee for such a service. However, what happens if software vendors go bankrupt, abandon the software development business, or stop further development of their software in situations where it has not yet reached the end-use stage by the licensee, who has allocated significant funding to the license and plans to use it for a long period of time to achieve a return on investment. How companies that are legal users of software can continue to use and adapt the product to their needs in these situations is an important question to consider when entering into business arrangements to procure software products. The solution to such situations can be found in escrow agreements. In this paper, we briefly explain the concept of escrow software contracts for possible use by business entities in Bosnia and Herzegovina.

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