Do you feel like you waste time developing new contracts for the same services, or worry that you're exposing your business to risks because you have to negotiate agreements quickly in situations where operational needs don't give you enough advance time to consider all the important issues? A Master Service Agreement may be the solution, and consulting with a business lawyer can help you make sure that you approach the process correctly.
The Value of a Master Service Agreement
A Master Service Agreement is a contract that allows parties to agree to most of the terms that will govern their future agreements. It enables the parties to save time and money by making future transactions faster and simpler.
The Typical Contents and Applications for a Master Service Agreement
Master Service Agreements usually cover general terms such as payment terms, delivery requirements, intellectual property, warranties, limitations, work standards, dispute resolution, and geographic locations. They also include risk allocation and indemnification clauses. They are often supplemented by purchase orders and work orders that provide more specific terms for individual projects.
Consulting with an Attorney on Your Master Service Agreement
Because the Master Service Agreement will be the basis for future business, it is critical to draft it carefully. Consideration must be given as to how it interacts with other contracts and relevant laws. An attorney specializing in business contracts can help your business prepare a Master Service Agreement and decide on the situations where it will be applied.
The Posey Law Firm offers a full slate of legal and government relations services. Attorney Jake Posey and the team at the Posey Law Firm are equipped to help your with implement the best policies and practices for your business.