The Professional Services Retainer Agreement is essential for businesses seeking to establish long-term professional service relationships in Singapore. This document is particularly valuable when regular or recurring professional services are required, providing a framework for consistent service delivery and billing arrangements. The agreement addresses key aspects including scope of services, payment terms, professional standards, and compliance with Singapore regulations. It's designed to protect both parties' interests while ensuring clarity in professional service delivery expectations and obligations.
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Key Requirements PROMPT example:
Professional Services Retainer Agreement
"Need a Professional Services Retainer Agreement for our Singapore-based IT consulting firm to provide ongoing technical support services to a multinational bank, starting March 2025, with specific provisions for data security and service level agreements."
1. Parties: Identification and details of contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of services to be provided
5. Term and Termination: Duration of agreement and termination provisions
6. Fees and Payment Terms: Compensation structure and payment details
7. Obligations of the Parties: Key responsibilities of service provider and client
1. Service Levels: Specific performance metrics and standards - include when specific performance metrics need to be measured
2. Intellectual Property: IP ownership and licensing provisions - include when services involve creation of intellectual property
3. Data Protection: PDPA compliance provisions - include when personal data processing is involved
4. Non-Compete: Competition restrictions - include when protecting against competitive activities is necessary
1. Schedule of Services: Detailed breakdown of services to be provided
2. Fee Schedule: Detailed pricing structure and payment terms
3. Service Levels Schedule: Specific performance metrics and measurement criteria
4. Key Personnel Schedule: List of key team members and their roles
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