Generally, a contract or agreement controls the on-time action between the parties, but what do in situations where a relationship between the parties exists for a long time and new circumstances are being developed?
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Situations wherein parties to a particular agreement or contract know that their association will work for a longer time?
The way to tackle this situation is to enter into a master service agreement as it streamlines future agreements and accelerates the negotiation procedures. Therefore, the additional contracts entered between the parties at a later stage need not be renegotiated with the master service agreement and the fundamentals of the first agreement can be included in all subsequent contracts or agreements.
What does the Master Service Agreement mean?
The Master Service Agreement refers to an agreement that is entered between two or more parties to establish the terms and conditions in order to govern all future activities and responsibilities. It allows the contracting parties to plan for future terms and to also to ratify the agreements.
What does the Master Service Agreement include?
EuroMea Legal Services provides the best consultancy in service master agreements and works in a highly proficient manner to draft the Master Service Agreement and secure the interest of our clients. Thus, for better understanding, the Master Service Agreement includes and governs the following subjects:
- To maintain Confidentiality
- Dispute Resolution Mechanism
- To identify the Geographic location of operations
- To prescribe Payment Modes and terms
- To Protect Intellectual Property rights
- To maintain Quality of working standards
- To maintain described warranties
- To fulfill Corporate Social Responsibilities
- To describe the Liabilities of contracting parties
- To clarify the mechanism of Production and cost of transportation
- To deal with situations wherein Accidental Death or Injury caused to any employee
- To deal with Failure to complete the project in a stipulated time and manner
- To deal with unsatisfactory performance or service
- To deal with unauthorized and arbitrary charges
- To establish such a mode so that miscommunication may be avoided
Thus, a well-drafted master service agreement turns out to be a real game changer for ongoing commercial relationships as it eliminates the possibility of recreating a new contract or agreement for every action between the parties.
Thereby, it is very important to draft a good Master Service Agreement in order to avail all the benefits emanating from it and also to avoid any dispute in the future. Therefore, drafting skills play an important role and a good drafting skill can safeguard the interest of all the parties for a longer time. Thus, while drafting Master Service Agreement the draftsman must be very careful and must bear in mind how to deter the other party so that breach of the agreement can be avoided.
EuroMea Legal Services provides the best consultant services in master agreements and is always committed to providing the best advice and results to our clients. Therefore, in case you need any suggestions or help in relation to the matters related to the drafting of Master Service Agreement you can contact us freely. Our team is fully committed inorder to perform their duty and delivering positive results.
