A Scenario That All Software Developers Can Learn From
Posted by Tech Insurance Solutions on
Client: Software Developer
A software company manufactures and distributes workforce management software that allows third parties to track employee hours, overtime, vacation time, etc. and then compiles that information for payroll processing. The software company enters into an agreement to provide the software to a customer, including implementation, installation, customization, training and support services.
Six months after installation, the customer isn’t happy with the performance of the software program, specifically alleging a functionality failure. The customer agrees to allow the software company a six-week period to cure the default. Challenge: After this time period elapses without a satisfactory resolution, the customer terminates the contract due to negligence and failure of the product to perform as intended. Damage allegations were in excess of $700,000. Claim expenses: $50,000 Indemnity: Settled for $250,000.
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