Standard Service Terms and Conditions with Milestones (B2B)
“Client” refers to the party entering into this agreement for the services.
“Service Provider” refers to the party providing the services.
“Services” refers to the services to be provided by the Service Provider to the Client, as specified in the Statement of Work (SOW).
The Service Provider agrees to provide the Services to the Client in accordance with the terms and conditions outlined in this agreement and any attached SOW.
The specific details of the Services, including deliverables and milestones, will be set forth in a mutually agreed-upon SOW, which forms an integral part of this agreement.
The project will be divided into milestones, as specified in the SOW, with corresponding deadlines.
The Client and the Service Provider shall collaborate to define the scope of work for each milestone, including deliverables, acceptance criteria, and any other relevant details.
Payments will be linked to the achievement of milestones. The Client agrees to make payments to the Service Provider within [number of days, e.g., 15 days] of successful completion and acceptance of each milestone.
The Client agrees to pay the Service Provider the agreed-upon fees as outlined in the SOW.
Invoices for the Services will be submitted by the Service Provider upon completion of each milestone, and payment is due within [number of days] days from the date of the invoice.
Late payments will be subject to interest charges at the rate of [X]% per annum, accruing from the due date until the date of payment.
TERM AND TERMINATION
This agreement shall commence on the effective date and continue until the completion of the Services, unless earlier terminated as provided herein.
Either party may terminate this agreement in the event of a material breach by the other party, provided that written notice is given and the breaching party has failed to cure the breach within [number of days] days.
All intellectual property developed or provided by the Service Provider in the course of providing the Services shall be owned by the Client upon full payment for the Services.
Both parties agree to keep confidential all information disclosed during the term of this agreement.
This agreement shall be governed by and construed in accordance with the laws of England and Wales.
Any disputes arising out of or in connection with this agreement shall be resolved through negotiation. If not resolved within [number of days] days, the dispute shall be submitted to arbitration in accordance with the laws of England and Wales.
IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the Effective Date.