master services agreementmaster services agreement: a business contract that is typic... More: a business contract that is typically used by contracting parties who will engage repeatedly with each other for products or services over an extended period of time; one agreement – the master services agreementmaster services agreement: a business contract that is typic... More – is entered into at the outset and will apply to all future transactions, with the specific details of each transaction simply being recorded in a shorter document, known as an order form or statement of workstatement of work: in business to business contract law and ... More; also sometimes referred to as a framework agreement.