Contracts & Agreements

Question 1

What is a Basic Contract?

Answer 1

Versatile tool that establishes the relationship between two parties

Question 2

What is a Service Level Agreement (SLA)?

Answer 2

The standard of service a client can expect from a provider

Question 3

What is a Memorandum of Agreement (MOA)?

Answer 3

Formal, outlines specific responsibilities and roles

Question 4

What is Memorandum of Understanding (MOU)?

Answer 4

Less binding, expresses mutual intent without detailed specifics

Question 5

What is the Master Service Agreement (MSA)?

Answer 5

Blanket agreement that covers the general terms of engagement between parties across multiple transactions

Question 6

What is the Statement of Work (SOW)?

Answer 6

Used to specify details for a particular project

Question 7

What is the Non-Disclosure Agreement (NDA)?

Answer 7

Commitment to privacy. Any sensitive information cant be shared during negotiations

Question 8

What is a Business Partner Agreement (BPA)?

Answer 8

Document that goes a step beyond the basic contract when two entities decide to pool their resources for a mutual benefit