IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Best Practices for Reviewing Software Purchases

$149.00

SKU: 410790

Description

Learn about the core issues and contract provisions most commonly found in software agreements.
Software, whether locally installed or provided via the cloud, is a critical factor to the success of every business, large or small. Learn the right questions to ask to better assess the risks of the engagement. This topic will review nomenclature unique to these types of deals and will focus on the core issues and contract provisions most commonly found in these agreements. This information will review each provision, discuss common pitfalls, and provide realworld solutions to solving common problems. Use the materials as a checklist to guide your own contract reviews in the future.

Date: 2023-07-11 Start Time: 1:00 PM ET End Time: 2:05 PM ET

Learning Objectives

* You will be able to define the parameters of the proposed software purchase.

* You will be able to identify key contracting pitfalls and how to avoid them.

* You will be able to recognize areas in which hidden fees may be charged.

* You will be able to review and revise a draft software purchase agreement.

Lay of the Land – Why Software Purchase Agreements Present Unique Contracting Issues
• Collecting Basic Deal Information
• Battle of the Forms – Vendor Contract vs. Customer Contract
• Key Contracting Provisions

Collecting Basic Deal Information
• What You Need to Know to Assess the Deal
• Expected Useful Life
• Will Development or Customization Work Be Performed?
• Will Sensitive or Regulated Data Be at Risk?
• How Critical Is the System?
• Is the Customer a Regulated Entity (e.g., Financial Institution or Health Care Provider)?
• What Is the Expected First Year Spend?

Key Contracting Provisions
• Specifications
• License Grant/Scope
• License Fees
• Acceptance Testing
• Intellectual Property Ownership, Feedback, Customer Data
• Confidentiality
• Warranties
• Indemnities
• Limitation of Liability
• Support Obligations
• Term and Renewal Rights

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,ISM ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Michael R. Overly-Foley & Lardner LLP