Common use of Description of Software Clause in Contracts

Description of Software. The ITM Software is a proprietary computer software program which is used to generate buy and sell signals with respect to any stock market being monitored. The stock markets that will be monitored are the U.S. stock market (U.S. Standard and Poor's Index), the Japanese Stock Market (Nikkei 225 Average), the United Kingdom Stock Market (FTSE 100 Share Index) and the German Stock Market (Frankfurt Dax Index). The ITM Software is based on a disciplined decision process on inputs that are based on fundamental and technical elements. Once the data has been entered, the ITM Software generates objective buy, hold, sell or short signals for any monitored stock market as a whole. The date that will be used in the ITM Software will be obtained from sources in the public domain, mostly from Ned ▇▇▇▇▇ ▇▇▇earch, a company which specializes in providing economic and market information. What is unique about the ITM Software is the proprietary manner in which the data is treated by the software to generate timing signals. Release I will provide timing signals for the U.S. stock market (S & P 500 Index). Market timing signals for the Japanese, United Kingdom, and German markets will be developed by combining the U.S. timing signals with timing signals for these three markets as obtained from Ned ▇▇▇▇▇ ▇▇▇earch, but treated by GTS in a proprietary manner. Bearhill shall indicate to GTS the order in which the software for each of the Japanese, United Kingdom and German markets is to be developed. Development for each will be completed within thirty days. DELIVERABLE #1: This will be the Main Computer Program which generates all buy, hold, sell or short signals on the basis of the individual inputs and the decision rules included in the Computer Program. The Main Computer Program will be available on a diskette.