MASTER SERVICE AGREEMENT
When business dealing between two parties lasts for the long term they opt to have a Master Service Agreement or MSA. This agreement shall govern all the future transactions and dealings between the parties involved. The objective of such agreements is to process future contracts much faster.
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ADVANTAGES OF MSA
- LEGAL BINDING: The parties are legally bound to follow the requirements laid in the MSA in all their future dealings.
- FASTER PROCESSING OF CONTRACTS: As the basic framework involved in a contract is already set through an MSA.
- AVOIDS CONFUSION: The agreement clearly describes terms in which future contracts should be made.
- EVIDENCE: The agreement made is evidence to prove the level of service guaranteed.
Click here to know more about the “Service Level Agreement”.
CONTENTS
- Name and details of parties.
- Terms of maintaining confidentiality.
- The scope of Work(Delivery of service/goods).
- Dispute resolution mechanism.
- Location of work.
- How to handle ownership of materials and intellectual property rights sharing.
- Indemnity.
- Consideration.
- Representations and Warranties.
- Standard of work guaranteed.
- Signature of parties.