master service agreement MSA

A master service agreement is a contract used by oil and gas companies to enter into an agreement in advance with their contractors that specifies the terms and conditions that will govern the contractors' work.

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The agreement is typically used for on-site services performed by oil field service contractors on a repetitive basis, such as equipment maintenance, well services, and cementing services. Its goal is to speed up and simplify future contracts for long-term client/vendor relationships.