WHAT IS MASTER SERVICE AGREEMENT?
A master service agreement is a contract that states the responsibilities and obligations of one party with another. It is a contract between two parties in which both parties agree to most of the terms that will govern future transactions or future agreements.
Advantage:-
- It helps company as well as customer for deciding its liability and responsibilities.
- It helps the companies to avoid contractual disputes.
- Easily amendable according to the need of the both parties. However, it must be done with the consent of the both parties.
- Improved confidentiality.
- Getting to work faster since there is no need that every term and condition of the relationship to be negotiated to mutual satisfaction.
- It helps you in saving money since you can save yourself from continuous negotiations and litigations.
FAQ
It is highly suggestible that you have a written Master Service Agreement since oral written master service agreement is difficult to prove before the Court.
The parties to the Service Agreement are the Customer and the Service Provider. The Customer is the individual or the business seeking the service and the Service Provider is the individual or the Corporation providing the service.
Service Agreements are used to hire Service Providers or independent contractors, not employees whereas Employment Contracts are used to hire employees
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