What is a professional service agreement?
The Professional Services Agreement (PSA) is used as a "Blanket Agreement" to contract with a consultant for a specific period of time. Exhibit A specifies the services to be performed, the compensation, and the time frame in which the services will be performed.
What do professional services agreements look for?
Choose a professional services agreement when the project at hand is well-defined, specific, and of a limited nature. It should require a high level of expertise and technical ability. Services that should go under a PSA should generally be infrequent or unusual in nature.
Is a professional services agreement legally binding?
As a legally binding contract, a PSA provides protection for both the consultant and the business that requests the services. Because many PSAs also detail procedures, terms, and requirements for the service, they can be several pages long.
A professional services contract is the agreement used when hiring an independent contractor to perform a specialized, project-based service. Examples include editing, graphic design, software design and development, web design, translation, auditing, marketing, program evaluation, and lab analysis.
The MSA is usually the governing document for the entire relationship, while the SOW usually deals with the specifics of a single project or scope of work. Our larger scale clients usually prefer to lead with an MSA, even though we'd rather lead with our own agreement, which we call a Project Service Agreement (PSA).
The Pricing Strategy Advisor (PSA) certification is specifically designed to enhance your skills in pricing properties, creating CMAs, working with appraisers, and guiding clients through the anxieties and misperceptions they often have about home values.
The purpose of an MSA is to set the bounds of the contractual relationship, establish a system for accomplishing the work that needs to be done, and to provide an efficient way to keep the work on track and resolve any disputes which may arise during the course of the project.
Professional services automation (PSA) software offers an alternative to the array of separate project management, time tracking, invoicing, resource planning, business intelligence, and collaboration tools used by many project teams.
Legal Definition of professional service
: a service requiring specialized knowledge and skill usually of a mental or intellectual nature and usually requiring a license, certification, or registration.