Denver Master Service Agreement Lawyers in Colorado

The terms of your MSA should include language dictating who is responsible for the delivery, storage, and receiving of products. It should also stipulate which party is in charge of managing specific projects.

Financial guidelines refer to the money exchanged between two parties. Every successful MSA details precisely how and when payment for goods and services is to take place and in which currency.

Insurance coverage is vital in business dealings and should be dealt with in your MSA. Terms dictating who pays the premiums and the extent of coverage should be added, as well as terms dealing with penalties for nonpayment of premiums.

Smart businesses contemplate errors, accidents, and other things that can go wrong during the course of business. Hence, well-thought-out MSAs should have provisions for backup funding, escrow accounts, and other types of contingency funding. It should also contain provisions for the protection of intellectual property rights as well.

Placing terms that dictate the scope of work in your MSA is a good way to define the roles and responsibilities of the parties involved. Because it is in the MSA, it will apply to future contracts between the parties and thus provide stability and predictability.

Sometimes, parties to a contract need to bring in third parties for various reasons. The guidelines for dealing with these third parties should appear in your MSA, including how to choose the right third party, how much they are paid, and the scope of their duties.

Indemnification clauses are agreements between two parties where one party agrees to pay the other party damages for losses that occur. In an MSA, an indemnification clause can help avoid costly disputes and business litigation.

Adding a noncompete clause to an MSA is a good idea because it prevents parties with ongoing business relationships from becoming competitors against one another. They are especially useful when businesses have long-term relationships with each other.

Non-solicitation clauses are important to prevent one business from poaching employees or partners from another. They are especially important when businesses have long-term arrangements with one another and regularly interact.

Sometimes, unavoidable events occur that cause a party to fail in their contractual duties. A force majeure clause removes liability when this occurs. As such, parties should include one in their MSA to protect themselves from unforeseen circumstances.

Disputes regularly arise in business. For parties with ongoing relationships, a dispute resolution clause in the MSA is a good way to prevent disputes from destroying time, resources, and the underlying business relationship itself.

Change orders occur when some material aspect of a project or agreement must change. They can cause turmoil, but including language in an MSA relating to how to go about implementing change orders can help parties avoid this turmoil.

Termination clauses provide guidance on which actions or events can lead to termination and how termination must take place. They are important so that all parties are treated fairly when an issue of termination comes up.