Streamlining the sales process while appropriately protecting the company is a top priority for any organization selling goods or services. Deals can get held up by negotiations, especially during crunch time like End of Quarter. That’s why it is good practice to create a contract negotiation playbook to be shared with sales, procurement and legal. This post will give you an overview of how to create a contract negotiation playbook.
Automatic renewal provisions in contracts have been under increased scrutiny. On a national level, The Federal Trade Commission (FTC) has been regulating this for decades using Section 5 of the Federal Trade Commission Act. More recently, The Consumer Financial Protection Bureau has gotten more involved – filing suits with regards to companies taking advantage of Consumer’s “dark patterns”.
In the past decade, States have enacted “automatic renewal laws” that businesses must adhere to in order to protect consumers in the state. As of December 1, 2022 – 31 states have automatic renewal laws in effect. No two states automatic renewal laws cover the same types automatically renewing contracts, but there are a few commonalities. This post will give you a high level overview of autorenewal laws.
Software as a Service (SaaS) companies far and wide are adding Generative Artificial Intelligence (Generative AI) features, such as ChatGPT, Bard, and Bing.ai) to their offerings. It’s important to note that these features come with additional legal risks and requirements. This means updates to your Terms, Privacy Policies, and agreements in general are necessary This post assumes that your SaaS offering has a well laid out Terms, and will give you a high level overview of key updates specifically for Generative AI Features.