What does Master Service Agreement mean? Read on to discover the definition & meaning of the term Master Service Agreement - to help you better understand the language used in insurance policies.
Master Service Agreement
A contract used by oil and gas companies to enter into an agreement in advance with their contractors that specifies the terms and conditions that will govern the contractors' work. The agreement is typically used for on-site services performed by oilfield service contractors on a repetitive basis, such as equipment maintenance, well services, and cementing services. Its goal is to speed up and simplify future contracts for long-term client/vendor relationships.
We hope the you have a better understanding of the meaning of Master Service Agreement.