MASTER SERVICE AGREEMENT
A Master Service Agreement is a contract agreement between a client and a service provider. The agreement covers all the terms and conditions in regards to long-term transactions between these concerned parties. These kinds of agreements are useful in sectors that involve a large number of transactions between a service provider and a customer. This master service agreement may include a separate statement of work for both parties.
BENEFITS OF A MASTER SERVICE AGREEMENT
- The Master Service Agreement covers the complete relationship between a service provider and customer. It covers all aspects of the contract that may arise during the validity of the contract. Such an agreement is always needed before two parties get into a long-term work relationship
- This provides the framework to negotiate agreements in a quick and efficient manner. Thus, the same terms and conditions need not be repetitively negotiated for deals that are similar in nature
CHECKLIST FOR A MASTER SERVICE AGREEMENT
- The terms of the contract must be futuristic in content. This is done keeping in mind the issues parties may encounter in the future
- The functions and duties of the first party company are clearly specified in the agreement
- The functions and duties of the second party company are clearly specified in the agreement
COMMON TERMS OF A MASTER SERVICE AGREEMENT
The common terms of a master service agreement extend to projects that are subject to the same professional service and terms. These terms do not cover upcoming and future transactions. There will always be a separate clause for the application of common/generic terms of the agreement.
- The dispute or arbitration clause is in regards to the seat of arbitration/venue of arbitration and laws of the land that govern the arbitration
- The intellectual property rights deal with the intellectual properties created out of the said business transaction
- The confidentiality term refers to that part of the contract which deal with secrecy or confidentiality. This clause is mainly used in contacts with data processing companies.
- The indemnity clause of any contract is most commonly used to sue the other party/ or when a third party sue the concerned parties for compensation
- The way how a particular condition or term will be conducted
- The benchmark for the service rendered or products delivered
- The consequences that may arise due to breach of contract or non-compliance of terms
- The handling of the employee and soliciting of their clients
- The warranty and guarantee in a contract
- The mode of payment of fees and other professional charges
DOCUMENTS NEEDED TO REGISTER A MASTER SERVICE AGREEMENT
- Government ID proof with photograph
- The Incorporation certificate of the company
- The Address proof of the company
- The financial statement of both concerned parties for the past financial year.
Once you get in touch with us at ACE ALLIANCE with your request to create a master service agreement, we will start the process. After our team receives all the details, our expert team of lawyers and attorney will create the master service agreement sample and send it across for your reference within 2- 3 business days. The price you pay for these services will includes three rounds of iterations. Therefore, if you need any changes done to the master service agreement format, our team of lawyers at ACE ALLIANCE will do the needful.