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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.
Features
- Uniquely focused book that provides
extremely valuable information about how to properly protect a party
receiving self-reported information and identifies the opportunities for
reasonable penalties when the contract is violated
- Written by an expert in third-party auditing with contract compliance experience
- Aids practitioners with guidance on how to avoid the pitfalls of
licensing, from the beginning contracting phase through to monitoring
and auditing
About the Author:
Sidney Blum,
CPA, CFE, CrFA, CFF, DAFBA, FACFEI, CPEA is currently a Partner at
Green Hasson & Janks, LLP in Los Angeles. He is one of America's
leading royalty auditors, having represented leading licensors in a vast
number of industries such as high technology, biotechnology, media
& entertainment, toys, apparel, software, digital distribution, team
sports, consumer products, medical devices, oil & gas, and
aerospace. Mr. Blum has gathered his skills by auditing the following
types of self-reporting contracts: construction, most favored nation,
residual, participation, joint venture, advertising, service, time &
material, cost-plus, distribution and digital distribution. He also
performs expert witness testimony and is a frequent lecturer on royalty
auditing.
Sidney Blum
wrote the royalty audit methodology for two of the Big 4 Accounting
firms where he was a partner for approximately five years. In addition
to working at the Big 4, he has seven years of industry experience as an
internal auditor, split between Fortune 50 oil and gas companies and
entertainment.
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Product Details
- Paperback: 384 pages
Publisher: Oxford University Press
(March 3, 2010)
ISBN-10: 0195388631
ISBN-13: 978-0195388633
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