In recent news, Algomi has decided to review the legal requirements of their products and services. Algomi, expressed they are committed to offering their clients updated legal considerations in order to ensure the best possible use of their products and services”.
The nature of the trading business and the way their platforms work, entails trusting them with the most valuable elements of your trading data. Their General Counsel, Amanda Dominick, works in close collaboration with all the companies in their network and their lawyers to ensure the best outcome possible. Algomi stats “we value your privacy and take this responsibility very seriously”.
An essential part of any agreement between their company and other parties, is how their software is certified for use and what warrants each party receives. Data protection is a fascinating yet intricate area of international law, which needs constant development in order to comply with rapidly developing financial technology.
Their experienced lawyers have therefore written two articles entitled ‘Warranties and Indemnities in software licence agreements’ and ‘Key issues in software licence agreements’. Both encapsulate the latest trends and considerations in software licences offered by Algomi. A summary of these articles are featured in the Algomi news section of their website. You can also access both articles through the subscription website LexisNexis.
The first article reviews the main legal and commercial issues that can arise between businesses when drafting and negotiating warranties and indemnities related to standard software licences, as well as more complex arrangements between two or more parties.
The second article looks into major considerations in drafting and negotiating software contracts. More specifically, themes such as identifying the software and its performance specifications, agreeing on ownership of intellectual property and determining the parties’ respective responsibilities and liabilities.
For most people, a software license invokes images of the legal requirements you must read before using a custom-made software package. But licenses come in a variety of forms. Generally, a software license is a legally-binding agreement that specifies the use and reallocation of software among different parties. Algomi are trying to make this process as straightforward as possible for their users.