Financial Elements of Contracts: Drafting, Monitoring and Compliance Audits

Product Description 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. Review Blum's background as an accountant in Los Angeles-as well as his prior experience with a big accounting firm, a motion picture studio, and an oil company-amply qualifies him to offer his insights to lawyers engaged in drafting, performance, and litigation of licensing agreements. This book is helpful for lawyers involved in drafting licensing agreements, monitoring the performance of agreements, or contemplating litigation when performance proves to be less than satisfactory. ( Paul D. Supnik, Los Angeles Laywer) 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.