Final answer:
The practice of storing a company's source code for customer use if the company goes out of business is known as Code Escrow.
Step-by-step explanation:
The model in which a company agrees to store its source code for use by customers in the event that it ceases business is called Code Escrow. Code escrow is a service that ensures that a third party, often an escrow agent, securely stores the source code of software. This setup is typically part of a contractual agreement to protect the client's interest if the software vendor goes out of business, fails to maintain the software, or if other agreed-upon conditions are met which necessitate the release of the source code to the licensee.
The model of storing source code for use by customers in the event that a company ceases business is called code escrow. Code escrow is a service that ensures that a third party, often an escrow agent, securely stores the source code of software. This setup is typically part of a contractual agreement to protect the client's interest if the software vendor goes out of businessCode escrow involves a third-party holding and releasing the source code to the customers if certain predetermined conditions are met. It provides a safety net for customers who rely on the company's software or technology, ensuring they can continue to use it even if the company goes out of business.