Software-as-a-service (SaaS) contracts are superseding the traditional licenses that customers receive when purchasing other types of software. A recent Strafford program provided a comprehensive look at negotiating key provisions of SaaS contracts, including data ownership; controls over data; data security; indemnification; reps and warranties; and levels of service. The program featured Beth A. Fulkerson, partner at Culhane Meadows; Nathan Leong, lead counsel, U.S. Health & Life Sciences Legal, at Microsoft; and David W. Tollen, founder of Tech Contracts Academy and Sycamore Legal. This article details the key takeaways from the program. For more on SaaS agreements, see “Greenwich Associates Report Argues That Hedge Fund Managers Can Use the Cloud to Obtain Greater Computing Power at Lower Cost With Acceptable Risk” (Jun. 6, 2014); and “Key Considerations for Hedge Fund Managers in Evaluating the Use of Cloud Computing Solutions (Part One of Two)” (Oct. 18, 2012).