Custom Software Purchase and Assignment Agreement

Software Sale, License, and Development Agreement

A software sale, license, and development agreement specifies consideration received by each of the parties. Typically included in the agreement are the following:

• Purpose and scope of agreement. This includes definitions, such as specifications about the affiliate, acquired assets, documentation, products, and intellectual property rights.
• Sale of acquired assets. This occurs when a party purchases acquired products and documentation.
• Licensure to products. This includes licenses, warranties, and remedies for breach of warranty. It also pertains to engaging applications.
• Development and maintenance of services. If a party needs to hire specific employees, this part of the agreement states this information.
• Future development and maintenance of service. This references updates, releases, or new versions of software. It also includes training and technical services.
• Marketing and quality control. This part of the agreement mentions advertising, promotion, and marketing to potential customers. It also discusses trademark license grants and ownership.
• Financial structure. This section discusses revenue sharing procedures and audits.
• Common terms and condition. This part elaborates on specific terms, such as warranties, indemnification, limitation of liability, force majeure, nondisclosure, rights in data, security, insurance, and termination.

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