Frequently Overlooked Technology Provisions in Vendor Agreements and Why They Matter
A post by Fredrikson & Byron P.A. highlights five of the most commonly overlooked IT/IP provisions and considerations for banks as they review and negotiate software contracts.
The authors discuss how the banking community has become increasingly reliant upon third-party resources, chief among them: software. This two-part series focuses on these partnerships with vendors that expose banks to a whole new world of risk and liability.
Banks need to ensure the products and vendors in which they invest will operate reliably, compliantly, and safely – and that the bank’s rights and remedies are preserved in the event of failure, according to Fredrikson & Byron’s Caitlin B. Houlton Kuntz and Nadja Baer .