Section 5.3 Flashcards
What is Right to Audit Clauses?
Right to audit is a legal agreement to have the option to perform a security audit at any time.
What is a SLA?
Service Level Agreement (SLA) is the minimum terms for services provided. This kind of agreement is usually between a customer and service provider. It goes over agreements of any downtimes that may occur, when technicians should be dispatched, etc.
What is MOU?
Memorandum of Understanding (MOU) is an informal letter of intent (not a signed contract) that two parties agree on the common goals of the partnership.
What is MOA?
Memorandum of Agreement (MOA) is one step above the MOU and provides details on how the two parties may work with each other. This may be a legal document without using the formal legal language. Unlike a contract, this may not contain legally enforceable promises.
What is MSA?
Master Service Agreement (MSA) is used in cases in which you’re going to have an ongoing relationship with a third party. This is a legal contract and agreement of terms between two organizations. It provides a broad framework to cover later transactions.
What is a WO / SOW?
WO is a work order and SOW is a Statement of Work. This is the specific list of items to be completed. It contains the details of the scope of the job, location, deliverables schedule, acceptance criteria and more.
What is an NDA?
Non Disclosure Agreement (NDA) allows both organizations to speak freely about trade secrets and business activities without having to worry that this information will leak from this partnership.
What is a BPA?
Business Partners Agreement (BPA) is used when you’re entering a formal partnership with a third party. This agreement describes who has decision authority, what happens during financial issues, how the business is run, etc.
