Revising Master Service Agreements and Updating Key Provisions

Description

MSAs are a standard tool for many corporations and businesses of all sizes. These documents define the overall relationship between parties, so everyone is on the same page as initiatives move forward. They provide the structure for companies navigating a fast-changing business environment that has seen a global pandemic, economic insecurity, and change in U.S. administration and policy enforcement.

With this in mind, MSAs must be routinely revised to reflect the changes in both the legal requirements for enforcement and what the particular industry must address in light of the economic circumstances.

Sometimes the revisions are simple and clear. If a company changed names or addresses in 2020, has that information been updated on the MSA's recitals? Other times, counsel must review and determine what new laws (and proposed laws) may have changed in the applicable jurisdictions governing the MSA. There are legal restrictions that range from the suspension of automatic renewal provisions to limitations of damages that went into effect during the last year.

A revision to an MSA should address the current and ongoing operative environment of the business client. If a company has gone fully or primarily remote, is the notice provision still valid and effective? Updating online MSAs should include verification that links to corresponding pages still work and align with the MSA. Updated provisions related to codes of conduct and insurance, together with data privacy and security concerns, would be needed to address the issues raised by the work-from-home environment that is the new standard for most businesses.

Listen as our expert panel discusses the best practices for drafting and revising a carefully crafted MSA. The panel will focus on the provisions most impacted by the changes in the law and economy in 2020 and how those changes will affect MSA clause requirements in 2021 and beyond.