Effectively navigating Master Service Agreements can be the key to a successful business deal and foster successful long-term partnerships. Join us with Molly Pela for a comprehensive rundown of what you need to know to master MSAs.
Time Stamps
- 00:30 - Episode & Guest Intro
- 02:59 - Understanding MSAs
- 06:29 - Advantages of Doing MSAs
- 09:50 - When Not to Do MSAs
- 11:12 - Disadvantages & Potential Pitfalls
- 12:47 - The Role of MSAs in Land Services
- 13:05 - One-sided Dynamics of MSAs with Larger Companies
- 18:55 - MSA Checklist for Drafting/Reviewing
- 19:20 - Term
- 21:24 - Scope of Work
- 25:00 - Performance Metrics
- 29:32 - Payment & Billing
- 32:42 - Warranties
- 35:33 - Understanding Warranties in Business
- 36:03 - Change Orders
- 39:43 - Understanding Force Majeure
- 39:43 - Force Majeure
- 41:08 - Termination
- 42:43 - Liability and Indemnification
- 46:08 - Lien Language
- 47:47 - Confidentiality
- 48:23 - The Importance of Non-Compete Clauses
- 51:24 - Dispute Resolution
- 56:30 - The Importance of Non-Solicitation Clauses
- 58:17 - Schedule of Attachments
- 58:26 - Insurance
- 59:37 - Work Orders
- 01:03:19 - Conclusion & Takeaways
Snippets From the Episode
- "An MSA provides a framework or a backdrop for two businesses to do business and have many deals kind of on a rolling basis. So it's setting a baseline." - Molly Pela
- "An MSA allows work to flow much faster. I don't need to tell you guys, time is money, particularly in the oil patch. So it allows for that efficiency and allows a little real world acknowledgement that things move quickly." - Molly Pela
- "An MSA defines the rules of the game, just simply, right? This is how we're going to play. This is what I expect of you and what you should expect of us." - Brent Broussard
- "Everybody needs to play by the same rules because then we know how to move forward and what's gonna happen." - Molly Pela
- "I'm a firm believer that your contract, you should mean what you say, say what you mean." - Molly Pela
Resources
More from Molly Pela
More from Our Hosts
- Connect with Brent on LinkedIn
- Connect with Khalil on LinkedIn
