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Three Reasons Your Business Needs a Master Services Agreement

Posted on in Online Contracts

Florida cyber law attorney master services agreementAre you tired of jumping through legal approval hoops every time you start a new project with an existing client? Then your business probably needs a master services agreement (MSA). 

A master services agreement is a contract that spells out the general terms and conditions that will govern the relationship between two parties (supplier and buyer). Then, for each new project, the parties need only sign off on a statement of work (SOW), which defines the specific work to be done, the price to be paid, and the timeline of the project. 

The Benefits of Having a Master Services Agreement

There are three main benefits of setting up a master services agreement, rather than creating a new contract for every project:

1. An MSA gives you a speed advantage. All the legal terms and conditions of the contract are negotiated and approved by both parties’ attorneys once, so there is no need to revisit the “legalese” over and over again every time you add a service or initiate a new project. Instead, the parties can focus strictly on the details of the new work to be done. 

An MSA works to the advantage of both the supplier and the buyer. As a buyer, when you have an urgent need to get a project done, you can get your vendor started on the work more quickly. As a supplier, having an MSA in place can give you an edge over other vendors when a client’s next project comes up. 

2. An MSA protects your business against common risks. Taking the time to develop a solid MSA ensures that critical details (that could cost you a lot of money later) are not overlooked and can help avoid lawsuits. 

3. An MSA simplifies all phases of a client relationship, from new client start-up to dispute resolution. Once you have a good MSA blueprint developed, it becomes relatively easy to modify it (with the help of your attorney) for each new client. In addition, over the course of a business relationship, if key contacts on either side change, or any contractual issues arise, both parties have a single MSA to turn to, rather than several separate contracts. The latest trend is to write “plain language” contracts that are easier for everyone to understand.

Use a Knowledgeable Cyber Law Attorney in St. Petersburg, Florida

Having a well-written MSA can help you win more business, be more efficient, and protect your interests in the event of a contractual dispute. If your business provides technology or internet-related services, you need an experienced Tampa cyber law attorney to help you develop your MSA, one who knows the right questions to ask and the critical issues to cover in digital services contracts. To schedule a consultation, contact Nelson Cyber Law, PLLC at 1-800-440-5536.  

Sources:

https://www.forbes.com/sites/katevitasek/2018/03/19/plain-language-contracts-on-the-rise/2/#19870192176a

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