I've had this new experience since being in this world, this financial world, dealing with hedge funds and exchanges and other folks who are customers, and it's really around product and the commercial contract and the role that the commercial contract plays in [00:00:30] the product. In the past, so much of the product or a huge part of the product, most of the product, the vast majority of a product that was sold, almost all of it, almost all of it was about the software and what you see on the screen, and I'd never worked with a commercial contracts attorney, going [00:01:00] back and forth with red lines on the particulars of an engagement that a customer might have with us.

I was in the MarTech space, vertical SaaS. People would come to the website, they'd find what they wanted to buy, they'd click the purchase button, and that was it. You'd have terms of service, and they'd either buy it and agree to the terms of service by buying, or they wouldn't. There wouldn't be all this back and forth with attorneys. 

[00:01:30] A new experience that I'm having in the financial world is just how much of the product and what you're charging for is the contract itself, the legal arrangement that you have with the person on the other end of the line. Often, a business might come to you, or I'll just describe an experience I had. 

A business came to me. They wanted [00:02:00] essentially a version of the product that we had posted on our website at nomics.com, but they wanted a bunch of stipulations in there around confidentiality, guarantees, SLAs, uptime, response time, indemnification, liability, etc., [00:02:30] and we had to charge a lot more for it, and one of the reasons why we had to charge a lot more for it is because we had to pay a damn attorney. Actually, I really like our commercial contracts attorney, but before this whole experience, I'd never even heard the term commercial contracts attorney. I didn't know that was ... I thought you just went to whoever your corporate attorney was, and they jimmied up a contract for you and things would mostly work, but now this is a thing that we do, [00:03:00] and you have to charge more because you have to pay an attorney, but also because you have to spend a whole bunch of your time going back and forth on the particulars of the agreement, and also because when you're doing B2B sales, especially in the financial world, it's just important to consider how much of the value of what you're providing comes through various guarantees and assumptions of liability, [00:03:30] etc. 

It's hard to calculate sometimes what's being given and what's being taken, especially if you're not very experienced. It's really hard to find research on what the price points are associated with pretty niche deals where there isn't a lot of market information or means for price discovery out there around the cost. 

When I think about an [00:04:00] offer in vertical SaaS where people just go to a website and buy something, I think about an offer consisting of price. How much does it cost? What are the guarantees? Do you have a 30-day money back guarantee or something like that? What is the timeframe? Is it a monthly plan? Is it a quarterly plan? Is it a yearly plan? Are there any bonuses that you're providing when someone purchases? Maybe [00:04:30]...

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