Master Contract Agreement

A Master Contract Agreement is a contract agreement that outlines the terms and conditions between parties, governing all future transactions or agreements.

• AKA: Framework Agreement.
• Context:
  • It can establish a legal foundation for the relationships between parties, reducing the need for negotiations with each new contract.
  • It can (often) include terms related to confidentiality, delivery terms, payment terms, and intellectual property rights.
  • It can be customized to fit various types of relationships and industries, including services, supplies, and labor.
  • It can significantly reduce administrative overhead by pre-defining standard terms and conditions for future agreements.
  • It can (often) include provisions for termination, force majeure, and agreement modification.
  • ...
• Example(s):
  • A Master Service Agreement (MSA), which outlines the terms and conditions under which services will be performed by one party for another.
  • A Master Purchase Agreement, which sets the terms for future purchase orders or transactions.
  • A Master Lease Agreement, detailing the terms under which one party agrees to lease property from another party over a period of time.
  • ...
• Counter-Example(s):
  • A Specific Contract Agreement, which is tailored for a single, specific transaction or project.
  • A One-Time Purchase Order, which is used for a single transaction without the intention of future business.
• See: Master Contract (Labor), Contract Negotiation, Service Level Agreement.

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References

2024

• (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/master_contract Retrieved:2024-1-26.
  • Master contract or master agreement may refer to:
    • Master contract (labor), agreement between a trade union and employer(s) which frames local negotiations.
    • Master service agreement, agreement between a client and a supplier regarding terms of work (common among professional contractors).

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