A service level agreement is an agreement between a service provider and their end user. It details the level of service to be provided and is often a plain English document referred to in a company’s contract. The document should also include remedies in the event that the service is not of the agreed standard.
A master service agreement sets out the terms that will apply to all future transactions and agreements. They speed up negotiations by keeping the basic principles the same so that only the details need be agreed upon. They can cover areas such as payment, ownership of intellectual property and dispute resolution.
A service level agreement is important in all service related transactions as it clarifies the agreed level of service for both parties. When everyone understands exactly what standards are to be met and what penalties are in place for failure to meet those standards it leaves far less room for misunderstanding or litigation.
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