Contracts

Question 1

Service-Level Agreemeny SLA

Answer 1

The standard of service a client can expect from a provider

Question 2

Memorandum of Agreement MOA

Answer 2

Formal and outlines the specific responsibilities and roles of the involved parties

Question 3

Memorandum of Understanding MOU

Answer 3

Less binding and more of a declartion of mutual intent

Question 4

Master Service Agreement MSA

Answer 4

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

Question 5

Statement of Work SOW

Answer 5

Used to specify details for a particular project

Question 6

Non disclosure agrement NDA

Answer 6

Commitment to privacy that ensures that any sensitive information shared during negotiations remains confidential between both parties

Question 7

Business Partnership Agreement BPA

Answer 7

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