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
What is The Land Department?
The Land Department shares the state of land and energy as we see it. We cover topics like region and basin-specific challenges and solutions, tactics for producing the best work, opportunities in the industry, and stories from experts in the field.