Important clauses of service agreement

Question

Accepted Answer

Important clauses in a service agreement include payment terms, termination clauses, confidentiality agreements, and dispute resolution mechanisms.

Payment terms: Clearly outline how and when payment will be made for services rendered.
Termination clauses: Specify conditions under which either party can terminate the agreement.
Confidentiality agreements: Ensure protection of sensitive information shared during the course of the agreement.
Dispute resolution mechanisms: Establish procedures for resolving conflicts or disagreements that may arise.
Indemnification clauses: Define responsibilities and liabilities of each party in case of legal claims or damages.
Governing law clause: Specify which jurisdiction's laws will govern the agreement.
Non-compete clauses: Restrict one party from engaging in similar business activities that may compete with the other party.
Force majeure clause: Address unforeseen circumstances that may prevent one party from fulfilling their obligations.

Accepted Answer

(1) Scope of work/ Obligations of the service provider;
(2) Representations and warranties of the service provider;
(3) Consequences of Breach- Indemnity, etc;
(4) Termination;
(5) Confidentiality;
(6) Intellectual Property;
(7) Exclusivity;
(8) Dispute Resolution;
(9) Assignment.

Important clauses of service agreement

Top Bandhan Bank Corporate Legal Manager interview questions & answers