Definition of Master Services Agreement
A master services agreement is a legal binding contract entered into by two or more parties. The agreement goes into immense detail regarding the basis of the usually service-oriented contract.
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Defintion of Terms
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A section at the start of the agreement lists terms that will be used frequently throughout the document and give definitions for the terms. The purpose of the term glossary is to ensure all parties are clear about the contract language.
Defintion of Service
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When dealing with a service contract, the party providing the services will explain exactly what services they plan to provide under the terms of the contract. After stating the services, a description of what the service entails is also given.
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General Contract Terms
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The contract must clearly state the start and ending date of the agreement. Service fees are explained, as is how often payments will be paid. Whether expenses are covered and the proper way of documenting them are all under this section.
Contract Termination
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The process by which the contract can be terminated or altered is defined under this section. How much notice should be given by each party and whether the request to terminate must be in writing is also stated.
Signatures
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Every service agreement ends with a section designated for all involved parties' signatures and must be dated as of the day in which they entered into the contract.
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References
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