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Jan 22nd, 2021, 11:48 AM
#1
Thread Starter
Hyperactive Member
Sale of software brand & code - anyone have experience with this?
I've been approached by a company looking to buy one of my programs - they get the web pages, product name, source code, help files, installer, etc... Have any of you done this before? I know I'll need to involve a lawyer at some point but am reluctant to lay out that money until I have to.
I have no problems with the valuation. We seem to have agreed to that.
What other terms/conditions, questions/issues need to be looked at?
I'm reluctant to pay an attorney to draft or review a contract as that's money out of my pocket. If the sale falls through, that's money lost. Is it reasonable to request a non-refundable deposit from the buyer to help pay these inevitable legal expenses?
TIA for any thoughts or advise.
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Jan 22nd, 2021, 12:00 PM
#2
Re: Sale of software brand & code - anyone have experience with this?
One thing to watch out for: in many cases an employer or former employer can make a claim on you even for something you "wrote on your own time."
This can get expensive. Legal fees, time dragging out, etc. in order to get clearance. Sometimes you might even be required to hire a mutually-approved 3rd party programmer to do a "clean room" rewrite of disputed parts of the program from written specs (without seeing the original code).
At least you'll be selling it though.
It's a lot uglier when you go through the expense just to open the source for a program you wrote, only to have some ding-a-ling come along and rip you off and never even give you credit.
I never open-source anything of substance any more. Vermin are everywhere.
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Jan 22nd, 2021, 12:07 PM
#3
Thread Starter
Hyperactive Member
Re: Sale of software brand & code - anyone have experience with this?
Thankfully that's not an issue in my case as I'm self-employed! But a good heads up. I encountered this many years ago at another company.
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Jan 22nd, 2021, 12:33 PM
#4
Re: Sale of software brand & code - anyone have experience with this?
you need to watch out if you still use parts of this program in other programs of yours.
If the buy your program with a sentence like....all rights and obligations etc....
the word rights is the tricky one, you might have to pay them if you use a certain part of the program that you have sold to them.
don't try and save money at the wrong place, you'll need a Lawyer
to hunt a species to extinction is not logical !
since 2010 the number of Tigers are rising again in 2016 - 3900 were counted. with Baby Callas it's 3901, my wife and I had 2-3 months the privilege of raising a Baby Tiger.
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Jan 22nd, 2021, 12:41 PM
#5
Thread Starter
Hyperactive Member
Re: Sale of software brand & code - anyone have experience with this?
Originally Posted by ChrisE
you need to watch out if you still use parts of this program in other programs of yours.
If the buy your program with a sentence like....all rights and obligations etc....
the word rights is the tricky one, you might have to pay them if you use a certain part of the program that you have sold to them.
don't try and save money at the wrong place, you'll need a Lawyer
That's a good heads up as I do share code between several of my programs
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Jan 22nd, 2021, 12:52 PM
#6
Re: Sale of software brand & code - anyone have experience with this?
Here's a few i could think of...
You can draft out your own Terms, then go back and forward with them to finalise once both parties are happy.
Very rarely both sides agree on the first proposed draft.
As already outlined in the previous posts, make sure to clear up any rights, if you're using part of the same code else where in your other projects.
Technical support during integration? Will you be of assistance to them or can that be an external fee they could pay you if they need help?
Clarify that any problems that could arise, should not be of your concern in the future.
Layout payment plan. In one go or instalments etc..
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