Traditional property management vendor contracts do not work for software services and potentially put business owners at risk.
Technology has revolutionized the property management industry, and commercial real estate owners and managers are licensing an increasing number of cloud-based services. Building Engines, a provider of comprehensive cloud and mobile building operations software for the commercial real estate industry, today releases a white paper detailing why Cloud Software services must have a separate contract from physical services (such as janitorial and maintenance services). One-size-fits-all contracts are no longer sufficient.
“Software relationships have changed substantially in the age of the Internet,” said David Osborn, President and CEO of Building Engines. “The days of purchasing software for a large lump sum with annual maintenance costs are over.”
In the White Paper, Comity in the Cloud: The Benefits of Securing a Balanced Cloud Software License Agreement, Building Engines explains:
• The unique nature of Cloud software and licensing • How to identify common contracting problems and negotiate license terms • How to protect and maintain control of your organization’s building data
In addition, a bonus checklist of “Real World vs. Virtual World” contractual issues is included to provide even more guidance on how to choose an appropriate service level contract. The table was produced by Sam Hudson of Foley Hoag LLP, a Boston-based law firm which focuses considerable resources on cultivating the next generation of technology companies.
About Building Engines For owners and managers of commercial real estate who want to stand out, Building Engines’ property management software delivers unparalleled operational control through cloud and mobile technologies that improve tenant satisfaction by 73 percent. More information: http://www.buildingengines.com/
About Foley Hoag LLP Foley Hoag is a dynamic law firm that represents public and private clients in a wide range of disputes and transactions worldwide. We have expertise in industries such as life sciences and healthcare, technology, energy and cleantech, investment management, and professional services. We also offer our clients market-leading international litigation and arbitration and corporate social responsibility services. From our offices in Boston, Washington, D.C. and Paris, and our Emerging Enterprise Center in Waltham, Massachusetts, we provide strategic legal advice that is tailored to each of our client’s unique goals. Foley Hoag combines powerful regional, national and international practices that share a common emphasis on client service. We are focused on what we do best: helping our clients succeed through the delivery of exceptional legal service. For more information, visit www.foleyhoag.com.
Source: Building Engines