There was good news for first-time buyers in Chancellor Philip Hammond's Budget today: Stamp...
Most businesses operate in an increasingly digital world which brings with it some huge commercial advantages such as speed of access to information, 24/7 services and creative digital marketing campaigns that can display your products and services to a worldwide audience within seconds.
The legal documentation which supports this relatively new business platform typically includes website maintenance contracts, software development and licensing agreements which are often technical and complex and if things go wrong can be costly and disruptive to the business.
Say for example that you had commissioned a software supplier to develop some critical and bespoke software for your business only to find a few months later that the supplier company has gone bankrupt and so no longer trading. How then would your business continue to use and maintain that software if it did not have access to the coding used to create it? Setting up what we call a "software escrow account" is one possible solution.
For those businesses who develop, sell and maintain IT and digital services and products the risks may be no less great. Whereas the technical expertise to create the products may be present in abundance within the business, the protection afforded by legal input is not always available in-house especially in digital start up businesses.
We can assist you with the drafting, reviewing or negotiating these kinds of contracts for you, often for a fixed price, in a way that is easy to understand and in so doing you help you to manage the associated risks more effectively.
To speak to one of our Digital Technology law specialists, please contact us on 01522 512123 (Lincoln) or 01636 673743 (Newark).