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Services agreements are arrangements (usually informal) between two or more parties and are sometimes enforceable at law. Contracts are a formal arrangement between two or more party that, by its terms and elements, are always enforceable at law.
Key Takeaways. A licensing agreement allows one party (the licensee) to use and/or earn revenue from the property of the owner (the licensor). Licensing agreements generate revenues, called royalties, earned by a company for allowing its copyrighted or patented material to be used by another company.
Professional services is a broad term that refers to any business or department whose core output is a service or particular expertise, rather than a manufactured product. Examples of this include accounting, advertising and marketing, and legal services.
As a legally binding contract, a PSA provides protection for both the consultant and the business that requests the services.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
"Click through" agreements (sometimes called "click and accept" and "web-wrap" agreements) offer companies selling goods and services over the Internet significant protections beyond those afforded by whatever intellectual property rights they may have in their goods and services.
A service provider agreement, also known as a provision of services agreement, is a contract between at least two parties in which one party agrees to provide services in exchange for compensation. For example, a homeowner may execute a service provider agreement with a contractor for home repairs.
An API license agreement, or Application Programming Interface agreement, is a legal contract that governs the use of APIs between the licensor and other developers or users who want to use the API. Generally, this agreement includes terms that heavily favor the licensor.
A Master Servicers Agreement (MSA) is contract between two parties with an ongoing project or business relationship that offers a flexible system for completing a project over time when there will be decisions to be made along the way.
An API license agreement, or Application Programming Interface agreement, is a legal contract that governs the use of APIs between the licensor and other developers or users who want to use the API. Generally, this agreement includes terms that heavily favor the licensor.