A contract between the two parties intending to hold and enter into a service transaction. This agreement details the expectations of both parties. The goal of a master service agreement is to make the contract process faster. It also should make future contract agreements simpler. A master service agreement (MSA) is also called a service level agreement (SLA).
Why is Master Service Agreement important?
It clearly states out the boundaries mentioning roles and responsibilities that they shall be governed to follow and is expected to be bound and enable smooth functioning of the work for which the contract has been subject to. It is very useful in the times or the scenarios where there is dispute or issue is likely to arise.
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