Financial Elements of Contracts

Financial Elements of Contracts : Drafting, Monitoring and Compliance Audits

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Description

Lawyers involved in high-tech licensing deals typically pay close attention to the financial terms of a business relationship, but too often neglect critical provisions related to monitoring, reporting and auditing. These poorly crafted terms and conditions are often not discovered until a royalty audit or litigation, at which point it may be too late to undo the damage, leaving the licensor with no choice but to accept pennies on the dollar of owed royalties. Financial Elements of Contracts: Drafting, Monitoring and Compliance Audits helps lawyers avoid such pitfalls by presenting both the financial nuances of contracting and demonstrating how proper monitoring and auditing should occur once a deal is in place.show more

Product details

  • Paperback | 378 pages
  • 154.94 x 233.68 x 33.02mm | 498.95g
  • Oxford University Press Inc
  • New York, United States
  • English
  • 0195388631
  • 9780195388633

About Sidney Blum

Sidney Blum, CPA, CFE, CrFA, CFF, DAFBA, FACFEI, CPEA is currently the Head of Audit at Beats Electronics, LLC (aka: Beats By Dr. Dre) in Santa Monica, California. He is one of America's leading royalty auditors, having represented leading licensors in a vast number of industries such as high technology, biotechnology, media & entertainment, toys, apparel, software, digital distribution, team sports, consumer products, medical devices, oil & gas, and aerospace. Mr. Blum has gathered his skills by auditing the following types of self-reporting contracts: construction, most favored nation, residual, participation, joint venture, advertising, service, time & material, cost-plus, distribution and digital distribution. He also performs expert witness testimony and is a frequent lecturer on royalty auditing. Sidney Blum wrote the royalty audit methodology for two of the Big 4 Accounting firms where he was a partner for approximately five years. In addition to working at the Big 4, he has seven years of industry experience as an internal auditor, split between Fortune 50 oil and gas companies and entertainment.show more

Review quote

Blum's background as an accountant in Los Angeles-as well as his prior experience with a big accounting firm, a motion picture studio, and an oil company-amply qualifies him to offer his insights to lawyers engaged in drafting, performance, and litigation of licensing agreements. This book is helpful for lawyers involved in drafting licensing agreements, monitoring the performance of agreements, or contemplating litigation when performance proves to be less than satisfactory. Paul D. Supnik, Los Angeles Laywershow more

Table of contents

INTRODUCTION; AN OVERVIEW OF SELF-REPORTING CONTRACTS; WHY YOU NEED TO MONITOR SELF-REPORTING CONTRACTEES; TYPES OF SELF-REPORTING CONTRACTS & REPORTING RISKS; ROLES IN 3RD PARTY MONITORING; JUSTIFICATION AND IMPLEMENTATION OF A CONTRACT MONITORING PROGRAM ("CMP"); WRITING THE CONTRACT: TERMS AND CONDITIONS; BEST PRACTICES FOR A LICENSEE; APPENDIX I. SAMPLE LICENSE AGREEMENT; APPENDIX II. REGISTRATION OF MANUFACTURER; APPENDIX III. ROYALTY STATEMENT; APPENDIX IV. SETTLEMENT LETTER (CALIFORNIA); APPENDIX V. NON-DISCLOSURE AGREEMENT; APPENDIX VI - THIRD PARTY RISK RANKING MATRIX; APPENDIX VII - NOTIFICATION OF A THIRD PARTY AUDIT PROGRAM; APPENDIX VIII - NOTIFICATION OF AN AUDIT; ABOUT THE AUTHORshow more