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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 →The London Inter-Bank Offer Rate (LIBOR) has been the industry-wide standard for calculating variable interest rates for more than 40 years. This standard underpins more than $350 trillion in financial contracts. The Financial Conduct Authority announced the phase-out after weaknesses exposed during the financial crisis of 2008, meaning that these contracts must now be painstakingly reviewed and revised. The LIBOR transition scope is vast, but legal teams can begin moving away from the longtime standard in preparation for its 2021 expiration. With the right strategy and Artificial Intelligence (AI) tools, change doesn’t have to be a crisis.
Continue Reading →Outsourcing is a game-changer for most corporate legal departments—especially when it comes to managed document review services. On any given day, an attorney in a corporate legal department can receive thousands of pages to review. It is impractical to think that a single attorney could efficiently review such an enormous quantity of complex text. Third-party service providers recognized this market opportunity and created a niche service to review contracts on behalf of those attorneys.
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