Financial Elements of Contracts: Drafting, Monitoring and Compliance Audits
Financial Elements of Contracts: Drafting, Monitoring and Compliance Audits navigates the nuances of drafting financial terms for license and other self-reporting agreements and shows how proper monitoring and auditing should occur once a deal is in place. This book will modernize and remold how agreements are written and will greatly enhance the bottom line of licensors and other contractors. Lawyers involved in drafting license and other self-reporting contracts typically understand...
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Financial Elements of Contracts: Drafting, Monitoring and Compliance Audits navigates the nuances of drafting financial terms for license and other self-reporting agreements and shows how proper monitoring and auditing should occur once a deal is in place. This book will modernize and remold how agreements are written and will greatly enhance the bottom line of licensors and other contractors. Lawyers involved in drafting license and other self-reporting contracts typically understand boilerplate provisions but not the financial nuances that are subject to high degrees of interpretation that eventually costs their clients significant money and business relationships. Billions of dollars are lost annually and significant litigation results from poorly thought-out critical financial, monitoring and auditing terms. Unfortunately, these shortcomings are generally not discovered until a royalty audit or in litigation, at which point it's often too late to undo the damage, leaving the licensor with no choice but to accept pennies on the dollar or the inability to terminate a poor agreement. Financial Elements of Contracts: Drafting, Monitoring and Compliance Audits helps lawyers and contract administrators avoid such pitfalls and maximize recoupment.
Introduction Chapter 1: An Overview Of Self-Reporting Contracts Chapter 2: Why You Need To Monitor Self-Reporting Contractees Chapter 3: Types Of Self-Reporting Contracts & Reporting Risks Chapter 4: Roles In 3rd Party Monitoring Chapter 5: Justification and Implementation of a Contract Monitoring Program ("Cmp") Chapter 6: Writing the Contract: Terms and Conditions Chapter 7: 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 Author
\ From the Publisher"Blum unites his accounting expertise with a clear understanding of contract law to expose deficiencies in common practices that will cause many readers to rethink their audit and reporting procedures and provisions. This is a valuable resource for intellectual property owners and their advisors who want to ensure they get what they bargain for out of their contracts."\ --Kevin D. DeBré\ Intellectual Property and Technology Transactions Practice Group Chair Stubbs Alderton & Markiles, LLP\ "A great peek inside the mind of one of the country's leading strategic auditors. Must-reading for anyone drafting or laboring under a self-reporting contract."\ --Doug Lichtman Professor of Law, UCLA\ "Mr. Blum's treatise is the product of 25 years of front-line experience auditing royalty and other contracts for the biggest industry players. He has provided a valuable service to attorneys and accounting professionals by sharing some of his knowledge and insights with the rest of us. Cover your bases. Learn from the expert. Read this book."\ --Pierce O'Donnell O'Donnell & Associates, PC\ "Financial Elements of Contracts delivers a thought-provoking, habit-challenging compendium of do's and don'ts for lawyers and business people alike. No matter where you sit on the chessboard of contracts, Sidney Blum's forceful text provides a critical rethinking of contact drafting and enforcement that will change the way you play the game."\ --Lindsay Conner, Partner Manatt Phelps & Phillips LLP\ "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 Lawyer\ \ \
