IT contracts are at the core of many businesses today. Connected devices are everywhere, from smart watches car navigation systems, home camera/remote-controlled home devices, to robot vacuums, cameras, and health care equipment.
According to a Kenneth Research report published by MarketWatch, there will be more than 20 billion connected devices by 2020, and the internet market is expected to reach $167.1 billion by 2027.
Businesses will come to rely on more intelligent things in the office, too, from smart boards to remote video capabilities. If the objects we use in everyday situations can be made more efficient with technology, look for innovators to create ways to make it so.
With so much of your business life wrapped up in your contracts, it is important to make sure that you know what they say. IT contracts should define the parties in a relationship in the best possible way, with clarity and strong and sound terms and conditions to protect you and put your mind at ease, If possible, not just for a short term, but for a long term, with terms negotiated into the future
To have a strong, simple IT contract, you need to know:
⦁ What is the basic deal information you discussed with the other person or company?
⦁ What are the expectations on performance, personal information privacy, and security?
There are so many types of IT Contracts, or terms incorporated into IT contracts with each requiring differing expectations and protections:
⦁ Software License agreement
⦁ Cloud computing agreement
⦁ Statement of work defining roles and responsibilities for a project to install software/hardware
⦁ A non-negotiable Click Wrap, Shrink Wrap, or Web Wrap agreement that was downloaded?
⦁ Maintenance and Support Agreement What does each party expect from the other during the life of the contract?
⦁ OEM (Original Equipment Manufacturer Agreement)
⦁ Joint Marketing Agreement
⦁ Source Code Escrow Agreements
⦁ Website Development Agreements
⦁ Vendor/Third Party Security Compliance Supplemental Agreement
And the list goes on. To be well protected, an IT Lawyer should be considered to narrow down concerns, obligations, ensure agreements pre-contracts are well documented, and are reflected in the contract, and to explain these expectations clearly and simply?
⦁ what other important legal questions apply to the contract (like intellectual property, or data protection)?
Having IT contracts that you trust will help to: