The following TMT practice note Produced in partnership with Bristows LLP provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for TMT?
This Practice Note introduces outsourcing deals and covers the following aspects of the life cycle of the typical outsourcing transaction, primarily from the customer's perspective:
Characteristics of outsourcing deals
Why organisations outsource
The life cycle of a typical outsourcing deal
Offshore/near shore and cloud services
Selection and contract
Delivery and contract management
The outsourcing process is often complex but provided that it is approached systematically with clear goals in sight, it can be managed in an orderly way. Taking a structured approach enables customers to have realistic objectives, establish how to measure the achievement of those objectives and then contract on a basis that will allow those objectives to be met.
An outsourcing deal involves the transfer of the responsibility for delivering a service
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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