Ever wonder why you’ve been experiencing delays in producing quality products and services? In business, machines, and equipment help in the daily operation. However, they, too, are bound to stop working and face severe damages. That is why maintenance companies are in demand today to help struggling organizations assess with their equipment by doing the necessary preventive maintenance procedure. Because a legal discussion must be made between two parties to legalize responsibilities, a maintenance agreement is an absolute necessity for better protection in each individual’s assets. Check out the maintenance agreements below for your reference.
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What Is a Maintenance Agreement?
A maintenance agreement is a legal document that binds two parties for a maintenance service, such as HVAC, lawn care, private offices, and landscapes. It is a contract that sets the terms and conditions to implement legal rights to both sides, which is ideal for sanctions when one party decides to neglect its responsibility.
The Cost of Maintenance
There is never enough consistency in the business world, especially in costs and rates of products and services. As for an example, you get a car. Paying it doesn’t save you from further expenses in the long run. But there is maintenance that you must consider regularly. According to a report published by the Consumerreports.org, a three-year-old 2017 car model costs $83 for maintenance and repairs. This assessment explains that ownership is expensive. Perhaps, the amount can go higher than that. For a service company to ensure you will pay on time, a business agreement is an absolute necessity for both parties to be aware of their responsibilities.
How To Create a Maintenance Agreement
Creating an equipment maintenance agreement is complicated. One missing section could disrupt its legality. But to help you out, consider the following steps below.
1. Specify the Definitions
To start with, prepare a section for official definitions at the very beginning of the agreement document. Much like creating a production services agreement, you’ll want to point out the two parties involved – namely, the service provider and the client. What you will do is to list down the full legal names of both party members. If your client is an organization, address it to the company with the authorized person’s full name. And since your client may not be familiar with the terminologies of the service industry, you have to define any ambiguous terms you intend to use throughout the contract, such as the “type of work”, contract year, and even the master technician.
2. Discuss the Maintenance Services to be Performed
You will then have to write about what kind of maintenance services you will need to perform in your maintenance contract. Always make sure that the client is precise about his or her requests. This is important for you to understand the relevance and accuracy of the action plan. Remember that you have to be very specific with the steps and its limitations. If the client requires that the team has to fix the elevator in your establishment, then mention the stages and phases in your contract agreement letter. Because this section can get overwhelming, consider revisiting and revising this portion before renewing it to ensure that you include all the general tasks necessary to perform the job.
3. Include the Compensation
Because you and your team will be performing complicated tasks, this will also mean that your client will provide you payment and compensation for it. That is why you’ll need to state if the payment will be hourly or for every job that has been completed. Understandably, talking about the financial plan can get too uneasy. Clients will find ways to cut their expense budget. As a service company, you already know how this should work base on your previous experiences. Therefore, in your annual maintenance agreement, present alternative products to your clients. If the process doesn’t need three to four workforce, limit it to two, at most. Eventually, helping the client cut the cost keeps your company trusted.
4. Organize the Warranties
The maintenance agreement letter should have a section stating that both parties involved are going to comply with all legal statutes throughout the life of the relationship. So, accurately discuss the liabilities and consequences, should either party break any of the agreements. This is a security measure ensuring both parties will do whatever they can to fulfill their responsibilities.
5. Pen Down the Clause for Termination
For example, you may decide to include a clause stating to automatically consider the contract null and void if either of the people involved in the maintenance contract has been convicted of fraud or any other criminal acts. This is one right way of dealing with termination as you’re able to state what conditions for the agreement to be legally terminated by either party. When this happens, the maintenance services will no longer push through.
FAQs
What are the elements of a service contract?
The elements of a service contract include the necessary information, such as the contacts of both parties, together with the payment terms, confidentiality agreement, termination policy, and generally all of the provisions.
What are the different types of contracts?
The three types of contracts include fixed price, cost reimbursable, time, and material.
When is a contract considered valid?
A contract is considered valid when it is signed. It should bind both parties through terms and conditions.
When a client requests maintenance, money isn’t always the first thing you have to consider. Instead, you have to make it a comprehensive document that contains the terms and conditions that both parties must comply with throughout the service timetable. Without this, it would be easier for one party to run about their duties. Eventually, it can cause harm to your credibility.
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