IP Tech Knowledgy
Consider When It’s Time to Modify, Not Just Renew, a Tech Agreement
When a technology license agreement is up for renewal, consider whether it may instead be a good juncture to modify the terms of the agreement. The evolving technology, or a variety of other factors, could have changed since the relationship was first documented. Are the software and services provided in a different manner than originally intended? Has there been migration to software as a service, and not a downloadable product? Is access now through an app? Are all users now remote? Are data collection and analytics more important aspects of the process? Have the purposes of the software or service evolved? Are there new regulations or industry guidelines that modified how the products or services must be delivered? Various factors could alter the relationship where a simple renewal of the agreement would not be prudent. Also, market conditions may have created new leverage and bargaining positions, which may allow one party to obtain a greater advantage than when the agreement was first negotiated. Sometimes, the relationship has changed so much or the interim amendments have become so cumbersome that an amended and restated agreement or a new agreement is more appropriate than an addendum.
Ned T. Himmelrich
410-576-4171 • firstname.lastname@example.org