GSA launches industry-first standard terms for professional services
LONDON, UNITED KINGDOM — The Global Sourcing Association (GSA) announced the release of its standard terms for professional and IT services, marking an industry-first initiative in the United Kingdom (UK).
Developed in collaboration with top-tier law firms and a legal technology provider, the GSA Terms aim to address key issues and offer numerous benefits, including reduced negotiation time, lowered contracting fees, expedited project commencement, equal opportunities for smaller suppliers, and a fair contract that provides security for all parties.
The GSA’s Contracting Workstream, which includes leading legal experts, worked over the past year to craft the GSA Terms. The final GSA Terms were released after an industry consultation process incorporating feedback from various organizations and lawyers.
According to GSA’s pre-launch market research, 96% of respondents believe the time is right for industry-standard service agreement terms, and 88% think their companies would likely agree to use such terms.
Chris Bates, Partner at Ashurst LLP and Chair of the GSA’s Contracting Workstream, said, “I believe that industry standard terms are essential to help the industry thrive, and I am delighted to have played a part in a movement towards standardization in the contracting space.”
Meanwhile, Mark Crichard, Partner at RPC LLP, stated that GSA’s Industry Standard Terms are crucial as the industry moves towards “ever more agile contracting.”
The GSA Terms will be accessible on the GSA website and stored in Clausify, a legal tech company specializing in digitized, standardized contracts.
