Key Clauses For Service Agreement

Summary

A Master Service Agreement between a US and Norwegian company should include clauses such as scope of services, payment terms, term and termination, confidentiality, intellectual property rights, dispute resolution, compliance with laws, governing law, limitation of liability, and force majeure. Without a limitation of liability clause, parties may face unlimited liability, leading to significant financial risk, potential legal disputes, and insurance issues.

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What is the consequence when there is not a limitation of liability in a service agreement
If there is no limitation of liability in a service agreement:
- Unlimited Liability: Parties may be liable for any amount of damages, potentially leading to significant financial risk.
- Legal Disputes: Higher likelihood of costly legal disputes over damages.
- Insurance Issues: Insurance may not cover unlimited liability, increasing risk for both parties.
Would you like more details on any specific clause?
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It seems like you're looking for more details on specific clauses in a service agreement. Is there a particular clause, such as Limitation of Liability, that you would like more in-depth information on?