Episode Summary:

Attorney Darryl Shaper delves into the crucial differences between Master Service Agreements (MSA) and Statements of Work (SOW) in contracts. He emphasizes the significance of clarity in intellectual property ownership, termination provisions, and limitation of liability. By breaking down the core issues settled in an MSA, Darryl offers actionable insights for small business owners navigating client relationships and contract negotiations.

Key Timestamps:

00:00 – Introduction

01:30 – Differentiating MSA and SOW

03:15 – Core issues settled in an MSA

05:45 – Importance of termination provisions

08:20 – Role of Statements of Work

10:10 – Avoiding conflicts between MSA and SOW

12:45 – Risks of using templates from larger companies

14:30 – The necessity of legal expertise in drafting agreements

16:00 – Managing project scope and client expectations

18:40 – Clarifying intellectual property ownership

20:15 – Structuring payment and approval milestones

23:10 – Resolving disputes effectively

25:45 – Accelerating sales with the right MSA and SOW combo

About the Show:

*The Small Business Contracts Coach* provides valuable legal insights to empower entrepreneurs in simplifying contracts and safeguarding their businesses. Attorney Darryl Shaper offers fixed fee legal assistance tailored to small business needs, ensuring clear and efficient contract solutions.