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How Tech is Redefining the Practice of Contract Law
Many companies contract with third parties for IT services, and these relationships are often governed by Master Service Agreements (MSAs). Reviewed and negotiated by high-level corporate managers or legal departments, MSAs delineate the working relationship for a complex, multi-stage project or long-term arrangement.
Continue Reading →Avoiding pitfalls while writing End-User License Agreements (EULA) is similar to preventing issues with most other types of contracts. The contract needs to avoid ambiguous or illegal clauses, cover regulatory necessities, and consider its audience. As the EULA covers consumers without legal knowledge, keeping these contracts short and concise is ideal.
Continue Reading →Software-as-a-Service (SaaS) contracts reflect a new software licensing model where companies and individuals pay for software use over a set period. This type of arrangement allows software companies to generate ongoing revenue while providing the user with security updates and innovative new features. As a result, companies must update software agreements continually, as unoptimized contracts can lead to excess licenses with overlapping services, unmet customer needs, and unnecessary liabilities.
Continue Reading →Not long ago, software license models had a single purpose: protect the source code. However, modern innovation has complicated that single-purpose approach. Today, many companies want users to share—and even modify—their software to enhance and improve the user’s experience. As a result, companies now utilize several different software license models.
Continue Reading →The difference between an End User License Agreement (EULA) and a Software License Agreement (SLA) depends on intended usage. The EULA generally governs the continuous use of the software by a group of individuals. Meanwhile, an SLA targets a specific entity for a finite period. Of course, other nuances distinguish the agreements, but these are the two primary variances.
Continue Reading →Since 1986, the London Interbank Offered Rate (LIBOR) has been the interest rate standard for global banks making short-term loans to one another. LIBOR is often referenced in derivative, bond, and loan documentation—including mortgages and student loans. This long-standing international benchmark, scheduled to end after 2021, will be replaced by the Secured Overnight Financing Rate (SOFR).
Continue Reading →A Master Service Agreement (MSA) template can provide a solid foundation for establishing a business arrangement, but relying solely on a third-party template is risky. Since the MSA will determine all future work standards, tailoring the third-party agreement to conform to your specific business situation is imperative. Some legal departments choose to work with an alternative legal service provider (ALSP) to review and negotiate a bespoke agreement, but innovations in legal tech have enabled in-house legal departments to efficiently and effectively review and negotiate bespoke MSA agreements themselves.
Continue Reading →The International Swaps and Derivatives Association (ISDA) agreement is a longstanding contract between two parties that governs future swaps and derivatives transactions. These detailed agreements should be sound and equitable—as the contract, not the stock exchange, governs Over-The-Counter (OTC) transactions
Continue Reading →Non-Disclosure Agreements (NDAs) establish protections for confidential or proprietary information that must be shared. For years, corporate legal teams have used contract templates to expedite the process of drawing up NDAs. However, these generic documents may not provide comprehensive coverage for your specific needs—whether the NDA covers transactions involving employment, RFP bidding, vendors, investors, or a new partnership. Recent innovations in legal tech have enabled legal departments to leverage artificial intelligence (AI) to establish next-generation guidelines on how to write a Non-Disclosure Agreement.
Continue Reading →A Proprietary Information Agreement (PIA) is a standard contract that may either replace or complement a Nondisclosure Agreement (NDA). PIAs can stem from an employment contract or set the terms in a business deal. As businesses develop strategies and processes, the Proprietary Information Agreement ensures that sensitive information stays secure.
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