IT World Canada: Tips on negotiating long-term technology contracts and what to look for before signing on the dotted line
Canada | In the media | November 2022
Legal minds explore risks associated with technology contracts | IT World Canada
Driven by market demand, many companies are transforming their traditional business operations, looking at tech solutions to update processes. This means outsourcing to obtain the latest technology solutions and negotiating contracts and pricing. IT World Canada joined our recent inaugural Technology, privacy and cybersecurity summit, where panellists discussed the topic of risks in technology contracting in the opening session. The biggest takeaway is that the customer and vendor have to negotiate contract pricing and any incremental annual increases. When negotiating, here’s what you need to think about: “Do you need to know you have price certainty for five years to get a sufficient payback from the service? Try and get price certainty for long enough that you have that payback, and really look at also, what kind of notice you get when price is going to change.” Read the article on IT World Canada for more on the dos and don’ts during contract negotiations.
Driven by market demand, many companies are transforming their traditional business operations, looking at tech solutions to update processes. This means outsourcing to obtain the latest technology solutions and negotiating contracts and pricing. IT World Canada joined our recent inaugural Technology, privacy and cybersecurity summit, where panellists discussed the topic of risks in technology contracting in the opening session. The biggest takeaway is that the customer and vendor have to negotiate contract pricing and any incremental annual increases. When negotiating, here’s what you need to think about: “Do you need to know you have price certainty for five years to get a sufficient payback from the service? Try and get price certainty for long enough that you have that payback, and really look at also, what kind of notice you get when price is going to change.” Read the article on IT World Canada for more on the dos and don’ts during contract negotiations.
Partner, Canadian Head of Technology and Canadian Co-Head of Cybersecurity and Data Privacy
Email
imran.ahmad@nortonrosefulbright.com