There are many different types of contracts ranging from master services agreements, services agreements, letters of agreement, letters of intent, statements of work, task orders, and purchase orders. Each has a specific purpose and contains or excludes clauses that govern the relationship. Know the differences and when you should use each one.
- 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.…
Usually, big companies have a standard MSA…
- Major and minor contracts
- Registering as a supplier
- Setting pricing, payment, and other contract terms
- Insurance requirements
- Defining your project
- Negotiating the contract
Skill Level Intermediate
1. Start the Contracting Process
Register as a supplier2m 31s
2. Understand Contract Elements
3. Define Your Project
4. Negotiate the Contract
Next steps1m 18s
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