An accurate description of the services gives the client a clear idea of what awaits them and lets the service provider know what they expect from them. The guarantees offer customers certain remedies under the law, such as. B the right to sue for damages for breach of a warranty. However, master service agreements often provide for specific corrective measures, rather than other corrective measures. For example, an ASM may provide that the service provider must remedy this non-compliance within a time frame determined by additional services at no cost to the customer if certain services do not essentially match the existing warranty. Service offerings that provide service-related services often require, as part of a single and exclusive remedy, that the customer accepts that, if his efforts are not able to reconcile the services with the existing service guarantee, he is able to give the customer an appropriate refund for the services concerned. For a service provider, this exclusive “Re-perform or Refund” structure is a contractual risk management tool. Clients often object, for a variety of reasons, to limiting their MSA remedies for certain warranties, and clients often insist that all contractual remedies be cumulative. Written service agreements are generally more necessary when contractual terms become more complex or need to be clarified. Conceptually, the concepts themselves are not often discussed, they are their nature, their magnitude, the dollar amounts and the exclusions that are at the heart of the parties` negotiations. For example, a client often wishes to clarify that certain restrictions do not affect a claimant`s obligations under specific contractual provisions, such as confidentiality, compensation and agreed restrictive agreements.
On the other hand, a service provider can focus heavily on the level of direct exposure to damage it presents under MSAs and SEMs, so that its liability does not exceed the limits set by its risk management team. Like the area of guarantee, negotiations are often necessary to develop a balanced provision that meets the requirements of the parties. E. The customer undertakes to reproduce or reproduce all trademarks and other copyright legends as well as all trademarks or service marks of the holder or a third party on all copies of the contractor`s property. A master service contract may prevent a service provider from associating people other than a direct service provider with the provision of services and, therefore, others (. B for example, an independent contractor) are involved, the service provider must obtain prior approval from the client. This is often dealt with in a work statement, but the parties must ensure that they are based on all the requirements of the Master Service Agreement. A customer form often requires. B that all independent contractors (regardless of size) who participate in the delivery of services meet all the requirements and obligations of the Master Service Agreement. This can be difficult for a service provider in many different scenarios, including individual contractors who have much-needed expertise but do not have the resources to support insurance levels equivalent to those of the service provider. Instinet pays all transactions on a fully disclosed basis through its subsidiary Instinet Clearing Services, Inc. (“ICS”).
As far as U.S. securities are concerned, ICS is a direct participant in the Depository Trust and Clearing Corporation (“DTCC”).