In our previous post we discussed the importance of conducting a thorough due diligence and procurement process with smart technology providers. Next up? The contract.

The price of a procured product is always important, but equally important are other contractual terms that reflect the commercial agreement. Ultimately, the contract should answer the fundamental question of “What are you buying?” The product itself is not the only feature being purchased. A customer is also buying certainty, service performance, risk mitigation, flexibility, security, compliance, and other similar “intangible” items of value.

The Price of Certainty
As part of the price, the purchaser of smart technology is also buying certainty. What do we mean by that?

Reprinted courtesy of James W. McPhillips, Pillsbury and Rachel Newell, Pillsbury

Mr. McPhillips may be contacted at james.mcphillips@pillsburylaw.com
Ms. Newell may be contacted at rachel.newell@pillsburylaw.com