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My company's operation will become dependent on a proposed software application we will be licensing. What should we be aware of regarding contractual protections?
First check the developer's financial viability and references. If the software is custom developed for your business you should own the software outright, obtain delivery of source code at completion, restrict their use solely to any technical know-how they learned on the project and negotiate lengthy no-cost warranty periods and appropriate maintenance support contracts thereafter. Also obtain full indemnification in the event of third party infringement claims, and include appropriate bankruptcy protection.
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