Online data storage is the same service as a cell in a bank, renting an apartment, or organizing holidays. Here, as in thousands of other cases, you may encounter hidden fees and incomprehensible pricing policies.

Why is this happening?

Providers of virtual data rooms rarely cover the cost of their services on their official pages. This is because usually, for each specific customer, a set of services that he needs is created. As a result, only VDRs for small businesses immediately talk about the terms and price of their product.

A potential client has the opportunity to learn more about pricing during a conversation with a service manager. That is why it seems that there are any hidden fees.

How to avoid hidden fees?

If you are the owner or CEO of a large company, when you order virtual data room services, you (unexpectedly!) enter into a contract! We can say that this is a contract. And your main task is to read it carefully.

Most often, payment misunderstandings arise precisely because the buyer’s side does not read the contracts carefully and neglects its obligations to familiarize itself with the contract. This is not at all the agreement that everyone signs without reading or running a new program on a computer. VDR is an intellectual property product, some of which may even be developed exclusively for your company.

Learning rights and obligations

The right is the opportunity to do something: if you want, do it.

A duty is something that cannot be simply waived. If you do not fulfill the obligation, you will be held accountable – the punishment for not fulfilling it.

Here is a simple analogy. Imagine you went to a restaurant, ordered dishes, and paid the bill. Words are on the table. Now you can eat one and leave the others – that’s your right. No one can force you to eat everything the waiter brings. The same thing happens in your data room – if you order service but do not use it, the provider is not obliged to waive their fee.

Checking our responsibility

For an obligation, the contract must provide for liability. It occurs if the debt is not fulfilled or is not performed properly, for example, not on time.

It happens that the obligation exists in itself and does not follow the other party’s right. For example, suppose the contract says: “At the end of the course, the lecturer is obliged to provide his contact details to the course participants.” This obligation is sufficient for the contract to be fulfilled.

Checking key points

There is a technique for reading the contract – 8W. These are eight questions, each of which begins with W. The meaning is as follows: we ask a question, look for an answer in the contract and analyze whether there is an answer and whether the meaning suits. You can download the checklist (picture left), so the questions are always at hand.