What is a Master Agreement? A master agreement is a document that outlines the terms and conditions of an agreement between two or more parties.The City's Grant Pass Through Agreement incorporates the terms and conditions outlined in the FTA's Master Agreement. A master services agreement, or MSA, is a contract that two parties enter into during a service transaction. Time is of the essence of this Master Contract and each Task Order. Professional shall complete all. (If MSA Vendor, please fill out the information below). Professional engineer of record (ENG) must fill out all boxes in the first column as either.