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IT Managed Services Agreement
"I need an IT Managed Services Agreement for my Singapore-based fintech startup that's outsourcing all IT operations to a third-party provider, with particular emphasis on data security and regulatory compliance for financial services, starting from March 2025."
1. Parties: Identification and details of the service provider and client
2. Background: Context of the agreement and brief description of services
3. Definitions: Key terms used throughout the agreement
4. Services: Detailed description of IT services to be provided
5. Service Levels: Performance metrics and service level requirements
6. Charges and Payment: Pricing, payment terms, and invoicing procedures
7. Data Protection and Security: Obligations regarding data handling and security measures
8. Term and Termination: Duration of agreement and termination provisions
9. Confidentiality: Protection of confidential information
10. Liability and Indemnification: Allocation of risks and responsibilities between parties
11. Intellectual Property Rights: Ownership and licensing of IP related to the services
12. Force Majeure: Provisions for unforeseeable circumstances preventing performance
13. Governing Law and Jurisdiction: Specification of Singapore law and jurisdiction
1. Staff Transfer: Terms for transfer of employees when the agreement involves movement of staff from client to provider
2. Change Control: Process for managing changes to services, typically included for complex service arrangements
3. Business Continuity: Disaster recovery and business continuity provisions for critical services
4. Compliance with Specific Regulations: Additional regulatory compliance requirements for specific sectors (e.g., financial services, healthcare)
5. Third-Party Contracts: Management of subcontractors and third-party service providers
1. Schedule 1 - Service Description: Detailed technical specifications of services to be provided
2. Schedule 2 - Service Level Agreement: Detailed performance metrics, measurement methods, and penalties
3. Schedule 3 - Pricing Schedule: Detailed pricing structure, payment terms, and rate cards
4. Schedule 4 - Data Processing Agreement: Detailed data protection obligations and procedures under PDPA
5. Schedule 5 - Exit Plan: Procedures for service transition upon termination
6. Schedule 6 - Business Continuity Plan: Detailed disaster recovery and business continuity procedures
7. Schedule 7 - Security Requirements: Detailed security protocols, standards, and compliance requirements
8. Schedule 8 - Key Personnel: Details of key staff members and their roles in service delivery
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