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The Importance of a Master Services Agreement

Posted on March 16th, 2020 by Oddo & Babat, P.C.

As your company continues to grow, it is all but inevitable that you will begin to work with an increased number of outside parties. In the world of cyber business, it is especially important that all parties involved understand the parameters of the business relationship. In many cases, companies will look to save time and trouble in future negotiations by having all parties agree to a master services agreement. If you are interested in drafting a master services agreement, it is important to speak with a knowledgeable intellectual law professional.

What a Master Services Agreement Can Do for You

A master services agreement is an agreement that aims to define the terms between the parties signing the agreement. A master services agreement will often center around criteria including product warranties, terms of payment, work standards, and how conflicts will be resolved if they arise. In the world of cyber business, the vast majority of a master services agreement will aim to protect private data and define the intellectual property rights of the parties involved. The benefits of a master services agreement cannot be understated.

First of all, a well-crafted master services agreement should protect your interests. If a signer of the master services agreement violates said protections, the agreement should state the manner in which legal action will be pursued. The other primary benefit of a master services agreement is the fact that it should save your company time and energy down the road. The agreement will take place at the beginning of the working relationship and thus help you avoid future time-consuming negotiations. All that said, a master services agreement will only protect you and save you time, if it is expertly drafted and thoroughly negotiated. In order to ensure the agreement will properly protect your interests, seek out competent legal assistance.

Contact a Master Services Agreement Attorney

When you are working with outside parties to develop or market your digital products or services, it is important to understand that your master services agreement should cover all necessary criteria. In order to ensure that the agreement meets the needs of all parties involved, it is critical to speak with a knowledgeable legal professional. The seasoned intellectual property lawyer in Chicago you choose should have years of experience helping companies draft and implement well-developed master services

Thanks to the Law Offices of Konrad Sherinian for their insight into intellectual property law.

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