What is an MSA in the business context?

In the business world, an MSA, or Master Services Agreement, is a contract that outlines the responsibilities and obligations of two parties to each other. It establishes the terms and conditions that will govern all current and future activities and responsibilities. MSAs are beneficial because they allow for future planning and can simplify and speed up the negotiation process for future agreements. They are commonly used in the tech industry but are suitable for any long-term business relationships, including client/vendor interactions, government contracts, and union negotiations. MSAs can cover a variety of agreements, such as property ownership, royalties, confidentiality, indemnification, dispute resolution, work schedules, and pricing variations.