Master Service Agreement
A master service agreement sets the terms of agreements between parties for future contracts or transactions. As it sets the broad terms for future contracts, the parties can easily negotiate and enter into agreements for any type of dealings in the future.
It is known as a master service agreement because it acts as it establishes a foundation for future contracts. The parties to the contract only need to negotiate the terms that are specific to a particular contract.
PocketLawyer is India's leading platform for agreement services and understands that no two master service agreement can be identical. PocketLawyer does not believe in using templates and instead drafts legal agreements from scratch so that the needs of the client can be tailor made into the agreement itself. The agreement will be drafted by an experienced lawyer who understands the importance of a well-drafted master service agreement.
Who is it for?
It is extremely useful for entities or persons who plan to enter into multiple contracts of varied nature with each other over a period of time. A master service agreement sets out the general terms and conditions of contract between the parties. For all types of future contracts, the parties only need to agree upon specific terms and conditions.
Benefits of Master Service Agreement (MSA)
Its primary purpose is to serve as a base for formulating more specific contracts and agreements. It is important for the following reasons.
- Facilitating contract negotiation
- Avoiding disputes arising from poorly formulated contracts
- Avoiding any loopholes in the agreement
- Reducing risk of lawsuits
- Allowing timely updates to accommodate changes in markets and technology
- Timely negotiation and execution of contracts
- Serving as a ready base for forming a contract in times of urgency
- Helping in division of potential risks
Drafting Master Service Agreement (MSA)
Apart from the general clauses like party details and definitions, following are the most important clauses in a master service agreement.
1. Intellectual Property Ownership
This clause will define who gets the ownership of intellectual property for any kind of service agreements and exchange of know-how.
2. Risk and Indemnification
This clause defines the responsibilities for any risks that may arise in the future due to the nature of contract. It also provides for indemnification in case of loss from those risks.
3. Terms of Payment
It defines the mode and manner of payment.
If the agreement is for delivery of a product, this clause will define the warranty period and conditions for providing warranty.
6. Resolution of Disputes
This clause states the manner in which all future disputes will be resolved.
This clause will specify the location where product or service will be delivered.
This clause specifies the jurisdiction for legal disputes, if any.
Procedure for custom-drafted Agreement
- Initial consultation and discussion
- The Expert will draft customized contract with placeholders for custom fields.
- The first draft will be shared in three (3) days
- Two round of changes to the first draft.
What is the fee?
Fee for preparing a master service agreement starts from Rs. 5999
Why Choose PocketLawyer for drafting Agreement?
- Experienced and qualified professionals with 12 years of average experience.
- Access to highly qualified professionals anytime, anywhere in India.
- Tailor-made agreement to fit the exact needs of clients
- Fixed price. No hidden fees or long-term commitment.
- 100% satisfaction guaranteed. Our money back guarantee makes sure that you get complete satisfaction, every time you choose our services.
What is more?
- Our dedicated support team is always there to help you with any query or issue that you may have.
- Choosing PocketLawyer means the best service, at the best price.
Most importantly, we deliver what we promise. On time, every time.