From the course: Contracting for Consultants
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Use different types of major contracts
From the course: Contracting for Consultants
Use different types of major contracts
- There are a lot of different types of contracts you'll deal with as a consultant. These include master services agreements, services agreements, letters of agreement, letters of intent, statements of work, task orders and purchase orders. Each of these has a specific purpose and contains or excludes clauses that govern the relationship between you and the client. Know the differences and when you should use each of these types of contracts. Master services agreements, or MSAs, are usually long term. They run from two to five years. They govern all elements of your relationship with a client. They're usually renewable at the end of the term and they function, typically, at the corporate level. They cover all business units and functions at that client. They include things like the nature of the relationship, payment terms, confidentiality, liability, intellectual property and client-specific policies. The MSA process is lengthy and it can be painful, but it's definitely worth it…
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