A service agreement is a contract between a professional practice (the “Principal”) (which may take the form of a sole practitioner, a trust, a partnership, or a company) and a service provider (the “service entity”, which is often a “service trust”) which provides services to the Principal.
The service agreement contains the agreed terms by which the service entity will provide the services to the Principal and may cover a range of matters including; the type of services provided, the fees for services, and the rights and obligations of the parties. It is important for tax and asset protection reasons, that the service arrangement between the service entity and the Principal is properly documented and that the terms and conditions for providing the services are set out in detail.
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