Breaking Down the Differences: Professional Services vs. Software Licensing vs. SaaS Agreements
Contract Nerds
by Christi Disparte, Sr. Commercial Counsel, Audit Board
1d ago
Key Takeaways: Your needs will change depending on whether you’re contracting for performance or project-based work, software licensing, or software-as-a-service.  Using different services agreement templates allow for nuanced and detailed terms based on the purpose and objectives of the deal.  Services agreements should accurately reflect your business team’s expectations and protect your organization’s rights.  Have you ever wondered what the major differences are between the various types of service agreements that cross your desk? What sets apart Professional Services ..read more
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3 Key Clauses to Negotiate in Hotel Event Agreements
Contract Nerds
by Nate Kostelnik, Director, Contracts
1w ago
Key Takeaways: Hotel event agreements can seem like low-risk arrangements, but they can have severe financial consequences if they are not negotiated correctly.   The top three most important clauses to negotiate are attrition, cancellation, and force majeure. Understanding industry standards within the hotel events industry is also key to negotiating good hotel event agreements. Isn’t it exciting to hold an in-person event for your organization?! You’ll have speakers, exhibitors, and sponsors. And hopefully lots and lots of guests! Of course, your guests will need a place to stay ..read more
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Creating a Useful Supplier Performance Scorecard with Metrics that Matter
Contract Nerds
by Jeanette Nyden, J.D., Owner of Nyden on Negotiation
3w ago
Key Takeaways: By carefully choosing the right unit of measurement and target, the parties can collect contract data that drives future performance. Metrics, especially those tied to incentives and liquidated damages, have to be reasoned, reasonable, achievable, and limited to just a few. When drafting metrics to monitor supplier performance, start with the buying company’s business objective. Would you like to know the ugly truth about performance scorecards? Most scorecards do not tell companies what their stakeholders want to know about a supplier’s past performance to drive meaningful ..read more
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From Conflict to Collaboration: Human-Centered Contract Negotiation Strategies
Contract Nerds
by Rhonda Coleman, Senior Commercial Manager, Google
1M ago
Key Takeaways: Find a common connection between you and the other party to help break down barriers that hinder collaboration. Take the time to understand the underlying motivations of the other party. Approach each interaction with an open mind and a willingness to learn from the unique experiences and perspectives of the other party. Attend CrushContracts Academy 1-day CLE/conference | Use CCA10CN code for 10% off Having navigated many challenging contract negotiations, I’ve noticed that when they break down, the reasons are often non-legal. The key is to remember that we are negotiat ..read more
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How to Fix 5 Major Contract Pain Points with CLM
Contract Nerds
by Roma Khan, Founder of CrushContracts and the "Contracts Queen"
1M ago
Do you receive contract review requests via emails or Slack? Do you have a hard time finding and sharing legacy contracts? Were you trapped in an auto-renewal because you missed the termination deadline? Did you use public generative AI to draft a contract and were a victim of its hallucinations? Contract managers, counsels, and professionals everywhere are dealing with the same contract management challenges globally. Regardless of the industry, their experiences in contract review, tracking, security, and storage are consistent. Many businesses now use a contract lifecycle management softwa ..read more
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Independent Contractor Agreements: 5 Contract Review Tips (Pro-Customer)
Contract Nerds
by Wendy Angus-Anderson, Corporate Lawyer for Cobblestone Software
1M ago
KEY TAKEAWAYS: Support real-time modifications in project scope to sustain contract relevance and flexibility. Gather precise metrics and perform recurring reviews to align contractor performance with business goals. Clearly identify risk responsibilities to safeguard both parties from unexpected liabilities. Describe in-depth IP ownership and usage rights details to secure intellectual property effectively. Form comprehensive plans for contract closure to guarantee smooth transitions and compliance. Crafting well-structured and legally unambiguous independent contractor agreements pro ..read more
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Can You Be a “Nice” Contract Negotiator & Be Successful?
Contract Nerds
by Heather Stevenson, General Counsel, Red Cell Partners
1M ago
KEY TAKEAWAYS: Standard wisdom says that being tough is best and that nice people can’t be tough, but standard wisdom is wrong. People like nice people and are therefore more willing to make reasonable compromises when negotiating opposite a kind counterparty. In commercial contract and services deals, nice negotiators reach better overall outcomes than competitive negotiators. Join Free Webinar/CLE on Contract Negotiation Skills | June 13th Common wisdom tells us that the best negotiators are bulldogs, tigers, or other supposedly vicious animals. We imagine the brutal negotiator tear ..read more
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5 Ways to Improve the Quality of Performance-Based SOWs
Contract Nerds
by Jeanette Nyden, J.D., Owner of Nyden on Negotiation
2M ago
KEY TAKEAWAYS: The SOW and Specification outlines the quality requirements. Terms and Conditions obligate the supplier to perform according to applicable laws, regulations, and corporate policies. A contract professional’s role includes ensuring that the supplier flows all Terms and Conditions to its subcontractors. If you know what to look for, the news cycle is replete with examples of quality failures in performance-based contracting. One telltale sign is confusion as to who is accountable for a dangerous quality failure.  Case in point is the conjecture about whether Boeing (t ..read more
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10 Ways to Integrate Plain Language into Contracts & Advice
Contract Nerds
by Rob Jarrett, Founder & Director of Size Seven
2M ago
KEY TAKEAWAYS: Plain language is communication your audience can understand the first time they read it. Terms in plain language are shorter, simpler, easier to read, quicker to negotiate, aligned with brand and tone of voice, and less likely to lead to a dispute. Many companies face a regulatory requirement to follow plain language principles in consumer-facing terms. Let’s face it, contracts can be long, dull, and difficult to read. Even for the most experienced lawyers who love them. Over the years tech has made the contract negotiation process much simpler. But contracts seem to ha ..read more
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20 Questions to Ask When Reviewing Contracts with Generative AI Vendors
Contract Nerds
by Nada Alnajafi, In-House Counsel
2M ago
KEY TAKEAWAYS: From the face of the agreement, it is not always apparent whether a vendor’s products or services involve generative AI. Attorneys and contracts professionals should ask important questions to issue spot for generative AI components and assess the risk level. Laws, regulations, and industry standards with respect to generative AI offerings are changing quickly, requiring ongoing training for Legal, Procurement, and Business groups. Register for GenAI Webinar on May 16th Generative AI and other forms of machine learning raise new and often weird issues for contract drafter ..read more
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