Section 10.94 Contracts and Agreements

Question 1

Types of Contracts and Agreements

Basic Contract

Answer 1

Versatile tool that formally establishes a relationship between two parties

● Defines roles, responsibilities, and consequences for non-compliance

● Specifies terms like payment structure, delivery timelines, and product specifications

Question 2

Service Level Agreement (SLA)

Answer 2

Defines the standard of service a client can expect from a provider

● Includes performance benchmarks and penalties for deviations

Question 3

Memorandum of Agreement (MOA)

Answer 3

Formal, outlines specific responsibilities and roles

Question 4

Memorandum of Understanding (MOU)

Answer 4

Less binding, expresses mutual intent without detailed specifics

Question 5

Master Service Agreement (MSA)

Answer 5

Blanket agreement that covers general terms of engagement across multiple transactions

● Used for recurring client relationships, supplemented by Statements of Work

Question 6

Statement of Work (SOW)

Answer 6

Specifies project details, deliverables, timelines, and milestones

● Provides in-depth project-related information

Question 7

Non-Disclosure Agreement (NDA)

Answer 7

Ensures confidentiality of sensitive information shared during
negotiations

● Commitment to privacy, protecting proprietary data

Question 8

Business Partnership Agreement (BPA) or Joint Venture Agreement (JV)

Answer 8

Goes beyond basic contracts when two entities collaborate

● Outlines partnership nature, profit-sharing, decision-making, and exit strategies

● Defines ownership of intellectual property and revenue distribution