Master Agreement
/ˈmæstər əˌgriːmənt/
Definitions
- (n.) A comprehensive contract establishing general terms governing future transactions or agreements between parties.
The parties signed a master agreement to streamline future contracts.
- (n.) A preliminary framework contract that outlines obligations and rights before detailed contracts are executed.
The master agreement set the foundation for multiple subsequent purchase orders.
Forms
- master agreement
- master agreements
Related terms
See also
Commentary
Master agreements are used to avoid repetitive negotiations by setting standardized terms for multiple transactions, thus reducing risk and administrative burden.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.