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These are two important questions for any service delivery business. We cover these vital topics, as well as “What is a master service agreement used for?” in the article below.
Although they are used across various industries, if you work in the IT field, it’s even more essential to understand the importance of MSAs. As stated by a survey conducted by Gartner, over 60% of IT companies use these valuable document types. This statistic makes sense to us, since IT companies do need a formal way to manage their complex business relationships and services.
So, are you keen to learn how to create a professional MSA template that has structure and is well-formatted? Keep reading. We can fill you in.
Let’s get started.
MSAs serve as a contract between two or more parties. Within it, you will find the terms and conditions that state how interactions and transactions will be conducted by the parties in the agreement. MSAs are usually used when business partners want a long-term relationship.
It is an ideal agreement for business-to-business relationships that interact with each other frequently because it can cover many joint projects or sales between the parties for a long period of time before the terms and conditions of the MSA need to be renegotiated.
There are many reasons why businesses should have an MSA in place. One of them, is that an MSA covers the scope of services performed by the parties in the agreement. Adding a clear Scope of Services section to your MSA should be a top priority.
It will inform each party in the agreement of what they will receive and what they owe in return. Including these business arrangement expectations is a key way to ensure everyone understands the following elements of the service:
If your business wants to:
Whenever you put together an MSA, you can save time and reduce legal fees for your business, as you do not need to renegotiate general terms and conditions for every new project with your partner.
Since MSAs have major parts of a business agreement, it’s best to make sure that you add all of them before it is signed and finalized. You wouldn’t want to accidentally leave out certain details of an arrangement. For this reason, a checklist is a crucial tool that can be used in MSA creation.
Here is a general MSA checklist that you can take and modify to your specific business needs:
Images speak volumes! So, here is an example of a simple master service agreement template in the real world.
If you are in the market for software that can automatically generate MSAs from Salesforce, we suggest you check out Titan Docs. Our no-code platform integrates directly with Salesforce and connects to Microsoft Word so that you can create and edit any Master Service Agreement with your CRM data. We believe we can help you save time and reduce the amount of errors you could make when creating MSAs from scratch each time.
Here are a few features you get from Titan to quickly build accurate MSAs:
You want your Master Service Agreements to be valid and accurate so that you can continue with daily operations that drive business growth. Opting for intelligent software, like Titan, coupled with a premium customer relationship management (CRM) platform, like Salesforce, can help your business reduce data entry errors in your MSAs. Say goodbye to incorrect date inputs and problematic formatting issues.
For more information on how to upgrade your MSA process to create and sign agreements while storing them in any location you choose, contact us through one of our social media links below. We would love to help you step-by-step with a custom Salesforce process that meets your unique business needs.
See you soon!
Disclaimer: The comparisons listed in this article are based on information provided by the companies online and online reviews from users. If you found a mistake, please contact us.
One is a Master Service Agreement (MSA), and the other is a Service Level Agreement (SLA). Both documents manage business relationships and service delivery. However, they are different.
For example, the purpose of an MSA is to state the terms and conditions for a business relationship. The MSA will define how transactions and agreements will occur between the parties in the agreement.
In contrast, the SLA’s purpose is to list the performance metrics and standards of the service provider. It will contain the level of service to be delivered and how that quality or performance will be measured.
Although these document names may be used interchangeably, they are actually different. Let’s take a look at a master service agreement vs. a contract.
An MSA is a contract that sets out the terms and conditions of a business relationship. They are created especially for business relationships that have ongoing services. Contracts are created for legally binding agreements to draw up terms and conditions for a specific transaction between parties.
Some general red flags that could lead to disputes in business relationships include:
Did you find this Document Type information helpful?
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