Important Contract Terms

Non-Disclosure Agreement (NDA)

agreement is to keep private information secure from shares to the third parties. It protects your business idea against copyright violation.

 

Master Service Agreement (MSA)

sets the basic terms that will regulate future agreements between a client and an agency. It includes maximum possible terms and speeds up the agreement process. In the future, you won`t need to renegotiate the deal and focus on project details instead.

An MSA typically includes: Service overview Payment terms: the rate, deadlines, covered and uncovered expenses Audits: the ways a client can check the progress of the project completion Confidentiality terms Product warranties Dispute resolution process So, MSA governs the entire relationship between the parties. It doesn`t include the process of service delivery. You may be interested in signing a Master Service Agreement if you never worked with an agency before. However, if you don`t have MSA, it is crucial to outline all the legal terms in the Statement of Work.

 

Statement of work (SOW)

is a contract between a client and an agency that includes the specifics of each product and the services to be delivered. It usually works as a project agreement and sets expectations. The parties often sign SOW along with MSA. These are the key elements of SOW: Project overview and results to achieve Project stages: the ways each will be completed Deliverables: what is to be produced Deadline Costs: estimates and payment schedule KPI Additional legal sections (if no MSA) SOW provides in-depth information on deliverables, requirements, standards, and criteria of every project stage. It becomes a “guideline” for the parties to determine what is “in scope” and “out of scope.” That is why a well-structured statement of work prevents conflicts between the parties and makes the outsourcing process safe.

 

Service-Level Agreement

A service-level agreement contains: Business objectives to achieve Service deliverables Performance expectations customer sets to the provider Legal effects if the provider doesn`t follow performance standards Pricing terms Put simply, SLA helps you to clarify what product you will receive.

 

EU GDPR

the EU General Data Protection Policy (GDPR). It applies to the organizations that offer services and process private information. Per your request, we can sign the GDPR agreement to make sure your data is secure.

 

RFI - Request for Information

which will include budget details, timing of work and a thorough description of the project scope. All requirements of the project will be addressed, with you showing the specific steps or solutions you will follow from day one to completion.

 

RFP

A Request for Proposal is a document that is used to obtain comprehensive proposals from capable and interested companies, to demonstrate their skills, experience and knowledge will enable them to take on the described project.

 

SOW

The Statement of Work is a document that the companies will use to describe what will be happening during the project. For example, the SOW should indicate all items that will be delivered, the timeline or timelines involved and when invoicing will take place. You are spelling out everything that will be done, and the terms may be done for a fixed cost or on the basis of the materials and time expended, subject to negotiations, of course. The SOW declares what expectations and underlying assumptions are associated with the project. Your organization will be legally obligated to deliver what you agreed to in the SOW’s terms when it comes time to formalize the contract.

 

MSA

A Master Services Agreement or MSA serves to define how your company and the other company will work together. One key element of this document will be the terms of payment. The decisions you make on payments timing and amounts will naturally involve your CFO and accounting department, such as whether it would be best to offer a discounted rate to win a particular job or whether your revenue cycle is strong enough to withstand later payment terms that you would otherwise object to.

 

NCA

A noncompete agreement is a contract between an employee and an employer in which the employee agrees not to enter into competition with the employer during or after employment. These legal contracts prevent employees from entering into markets or professions considered to be in direct competition with the employer.

 

A noncompete agreement is a contract that prohibits an employee from working for or becoming a competitor for a certain period of time.

Noncompete agreements are enforced when a relationship between an employer and employee ends and the employer wishes to prevent the employee from competing against them in their next position, whether working for a competitor in the same market or starting up another business in the same field.

 

Consultants and independent contractors who terminate their relationships with companies often are subject to noncompete clauses to avoid competition after the separation.

 

Employers also may seek noncompete agreements to protect themselves against former employees revealing secrets or sensitive information about operations, clients, customers, formulas, pricing, strategy, salary, methods and practices, ideas, future products, or public relations and marketing plans.