Essential Technology Contract Elements

Managing a fund manager’s technology contracts, which affect most business units, is more difficult than ever. Agreements now govern thousands of digital and automated tasks performed across hundreds of device types, each with security risks. In addition, moving operations to the cloud may entail several smaller specialized contracts instead of a comprehensive IT or data-center contract because traditional IT contracts do not fit the cloud model, which uses a service contract rather than the familiar software licenses. Proliferating laws and regulations raise the stakes. This checklist offers fund managers a convenient guide to technology contract terms. See “Negotiating Reps, Warranties and Remedies in Technology Contracts” (Sep. 23, 2021); and our two-part series on drafting privacy and security provisions in vendor agreements: “Assessing the Risks” (Apr. 1, 2021); and “Negotiating Critical Provisions and Responding to Incidents” (Apr. 8, 2021).

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