Legalities involved in a buyer & seller relationship - fastcollab blog

09/09/2016

Legalities involved in a Buyer & Seller Relationship | FastCollab | Blog

LEGALITIES INVOLVED IN A BUYER & SELLER RELATIONSHIP August 3, 2016 Mukul Agarwal

Attributes of Legal Agreements Service agreements help Buyers and Seller Relationship clearly & confidently communicate with clients about The relationship between the two parties Name of the service provider & customer The obligations & responsibilities of both the parties Consent for collection, use, and distribution of service and other personal information Cost of the services offered to the buyer

Any business function involves purchase or delivery of some or the other services required inLegal Agreements commonly use the technical an organisation, be it – Accounting, Bookkeeping, Business Travel Management,definitions that quantify the level of duty such as Recruitment or any other. To make sure the services are delivered as agreed and payments Mean Time between Failures (MTBF) or Mean time received on time, there are certain Legal Agreements that are crucial to shield the interests to restoration, response, or resolution (MTTR), that of the buyer as well as the seller. specifies the target (average) or minimum value for service level performance.

The specific metrics may vary depending on the service provider, the areas included are uniform: volume & quality of work (including precision & accuracy), responsiveness, speed, & efficiency. In covering these areas, the document aims to build the mutual understanding of services; responsibilities, areas prioritized guarantees, & warranties given by the service provider.

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09/09/2016

Legalities involved in a Buyer & Seller Relationship | FastCollab | Blog

Click Here: To know more about such documents Mainly three Legal Agreements are involved in a Buyer and Seller Relationship

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09/09/2016

Legalities involved in a Buyer & Seller Relationship | FastCollab | Blog

1. Service Level Agreement A service level agreement (SLA) is the contract between the service providers and the end user. It determines the level of service anticipated from a service provider. SLAs are output­ based and their purpose is specifically to define what the buyer will receive. However, SLAs do not determine how the service itself will be provided or delivered.

For example, the use of an SLA for an Information technology based service providers can only be used to define, track and benchmark their performance. The use of SLAs is also popular in cloud computing, outsourcing & other areas where the responsibility of an organization is transferred out to the different suppliers.

2. Master Service Agreement A master service agreement is a contract between parties, in which the parties agree to most of the terms that would govern future transactions or future contracts. A master agreement allows the parties to negotiate prospective transactions or agreements quickly as they can rely on the conditions of the master agreement. This saves time & efforts of both the parties where under same circumstances (in future) they need not repetitively negotiate from scratch, and do negotiation only on specific terms of the deal.

Contracts in the IT, contract research, and similar “open­ended” fields have frequently negotiated as the Master Service Agreement & a Statement of Work. Typically, the Master Service Agreement stipulates generic terms such as payment terms, dispute resolution, intellectual property ownership, & the like. The Master Service Agreement includes the entire relationship between service provider & buyer, covering all features of the contract that are likely to arise.

3. Vendor Agreement A Vendor Agreement is an agreement stipulating the conditions under which the work is to be performed by the supplier. It is a general agreement covering several aspects such as the quality service provided, duration of the contract, terms & mode of payment. Such arrangement would be beneficial to those hosting the significant event (for example: the trade exhibition) where several vendors will be selling their wares.

The level of service definitions should be precise & measurable in each field. It allows the quality of service to benchmark and if specified by the agreement, rewarded or punished accordingly.

Agreements like these can be created with the help of any Lawyer or Legal Advisors. Businesses who are looking to get involved in Selling or Buying of any Business Services, can connect with expert Lawyers from FastCollab’s Online Marketplace to book any Business Services.

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