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Third Party Vendor Risks > Contracts & Agreements > Flashcards

Contracts & Agreements Flashcards

1
Q

What is a Basic Contract?

A

Versatile tool that establishes the relationship between two parties

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2
Q

What is a Service Level Agreement (SLA)?

A

The standard of service a client can expect from a provider

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3
Q

What is a Memorandum of Agreement (MOA)?

A

Formal, outlines specific responsibilities and roles

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4
Q

What is Memorandum of Understanding (MOU)?

A

Less binding, expresses mutual intent without detailed specifics

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5
Q

What is the Master Service Agreement (MSA)?

A

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

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6
Q

What is the Statement of Work (SOW)?

A

Used to specify details for a particular project

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7
Q

What is the Non-Disclosure Agreement (NDA)?

A

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

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8
Q

What is a Business Partner Agreement (BPA)?

A

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

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Third Party Vendor Risks (6 decks)

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