What type of agreement typically serves as an "umbrella" contract between two entities to conduct business during a defined term?

A Master Service Agreement (MSA) is designed to serve as an "umbrella" contract between two parties, typically in a business context. It establishes the foundational terms and conditions that will govern multiple projects or transactions that may occur during a defined period. By laying out these general terms, an MSA streamlines the process of entering into specific service agreements for individual projects, allowing the parties involved to engage in business without needing to negotiate every detail from scratch each time.

By having a comprehensive agreement in place that addresses core aspects like responsibilities, payment terms, and legal protections, businesses can focus on operational efficiency and foster a more collaborative relationship. The MSA also helps mitigate disputes by clarifying expectations and providing a framework for resolution, thereby enabling smoother collaboration for ongoing work.

In contrast, the other options represent more specific agreements or plans related to particular areas rather than serving as broad, overarching contracts applicable to a range of services or projects.