When a company involves another company or services provider for professional services, the services agreement is signed by both parties i.e. company and service provider. This agreement benefits both the company and the service provider with their rights and responsibilities so that no one violates any terms and mutually agreed clauses in the agreement. Small companies prepare this agreement on their own with mutual agreement and consideration where the big organizations hire attorneys and lawyers for this purpose.
Brief Description of Professional Services Agreement:
It is very common that companies and businesses can’t work alone and at some point they have to involve a third party in the business in order to get thing done on schedule. This process is very sensitive as any of the party can deny or refuse to go by the rules if there is no agreement or legal document signed by either of them and it can create problems for both of them. In order to eliminate those possibilities, when businesses and companies do some venture together or involve a service provider to their operations, they sign legal agreement with them. It may seem that this agreement can only benefit the company but it also benefits the service providers too. For example, a company hires a service provider for providing logistic services to the company and if there is no agreement, either the company or the service provider can cause a big loss or damage to the operations if there are no proper guidelines and mutual agreement between them.
The service provider can mess up the delivery process or just delay the deliveries where the company can also refuse to pay for the services without any solid reason. This is why it is really important that when a company wants to hire a service provider, they both have to sign the agreement so that they both stick to the mutually agreed guidelines and terms of the agreement. With the agreement, the service provider has to conduct the process or provide the services as per the agreement or he has to answer for any mess up in the process where on the other hand, with the agreement, the company has to pay for the services to the service provider on time and right on schedule and if there are any delays, the service provider has the right to ask the company about the reasons and he can also take this matter in court if the conflict or dispute is unusual.
Here is preview of a Free Sample Professional Services Agreement Template created using MS Word,
Key Elements to add in the Professional Services Agreement:
Name of the owner/project manager
Name of the service provider
Introduction to the company that will provide services
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