Contract Key Terms Overview

Summary

Key contract terms include scope of services, payment terms, intellectual property rights, confidentiality, warranties, indemnification, limitation of liability, data security, and termination. Payment terms for the project total $2,850,000, structured in phases with specific percentages due at various milestones. Annual fees for licensing, maintenance, and hosting are also outlined. Understanding these terms is crucial for managing obligations and rights within the agreement.

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No, w.r.t to document, i uploaded
Here are key terms in the contract you should be aware of:
- Scope of Services: Details the specific software development tasks.
- Compensation and Payment Terms: Outlines payment structure and fees.
- Intellectual Property Rights: Specifies ownership and licensing of software.
- Confidentiality: Obligations for handling sensitive information.
- Warranties and Representations: Developer and Company assurances.
- Indemnification: Responsibilities for legal claims.
- Limitation of Liability: Caps on damages and liability.
- Data Security and Compliance: Security measures and regulatory standards.
- Termination: Conditions for ending the agreement.
These terms are crucial for understanding obligations and rights under the agreement.
What is the payment terms?
The payment terms in the agreement are as follows:
- Total project cost: $*,*,* USD.
- Payments are structured in phases:
- Upon execution: $*,* (*%)
- Completion of Phase *: $*,* (*%)
- Completion of Phase *: $*,* (*%)
- Completion of Phase *: $*,* (*%)
- Final acceptance and deployment: $*,* (*%)
Additionally, annual fees for licensing, maintenance, and hosting are specified.