Gotcha #1: Using The Wrong Agreement To Structure The Deal
There are many different types of technology products and services, and the form and coverage of technology agreements vary in crucial ways. Not starting from the right deal structure causes delays and unnecessary attorney fees, among other problems. Document titles for technology agreements are often misleading and may not be consistent with the basic nature of the transactions. For example, it may be called a "license," "platform agreement," "consulting contract," or "master agreement," but what's actually covered is a combination of particular products and services. Sometimes the forms themselves can be woefully outdated, causing confusion. And often there's a mix of related products and services from different providers that needs to be coordinated.
Look and ask questions on two levels: 1) Are you satisfied that the products and services are fully described? and 2) Do the business and legal provisions pertain to those products and services? If you fail to answer “yes” to either question, your agreement is not adequate.
First make sure you understand the goals of your transaction, and then prepare the right documents to support those goals.
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